Portugal, Mozambique and AfDB sign Lusophone Compact

On March 18, the African Development Bank (AfDB) and the governments of Mozambique and Portugal have signed a Mozambique-specific Memorandum of Understanding for the implementation of the Lusophone Compact. This Compact was launched by the AfDB in November 2018, as we previously noticed, to support private investment in Portuguese-speaking Africa countries, in several areas including renewables.

The three parts of the compact were represented by Adriano Maleiane, Minister of Finance and Economy of Mozambique and Governor of the Bank, Teresa Ribeiro, Secretary of State for foreign Affairs of Portugal, and Mateus Magala, Bank Vice President for Human Resources and Corporate Affairs. The document was signed during the official visit of Portugal to Mozambique and was witnessed by over 200 Mozambican and international entrepreneurs.

According to Teresa Ribeiro, “the Portuguese Government allocated 400million euros in guarantees and other risk sharing mechanisms in the 2019 National Budget to support the implementation of the Compact.”

Adriano Maleiane is proud that Mozambique is the first African Lusophone country to sign the implementation protocols of the Compact and says that this allows the country to move forward with implementation. Maleiane affirms that “The government is committed to help build an inclusive and sustainable private sector in Mozambique to create decent jobs and prosperity”.