economy

Government guarantees 420 million for investments in Portuguese-speaking countries

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The Portuguese government has secured 400 million euros of guarantees in the State Budget for 2019 to allocate the projects in four Lusophone African countries, announced today in South Africa the Secretary of State for Foreign Affairs.

Teresa Ribeiro was speaking today at the signing ceremony of the African Development Bank’s (ADB) multilateral investment initiative, which organizes the Africa Investment Forum in Johannesburg.

The Agreement on Understanding – Compact for Lusophone Countries – was signed between ADB, Portugal and four Portuguese-speaking African countries (PALOP) – Angola, Mozambique, Cape Verde and São Tomé and Princípe.

The initiative aims to promote 65 private sector projects in the PALOP countries, as well as potential public-private partnerships (PPPs) valued at more than US $ 5 billion, which could be supported by the Compact for Lusophone countries in Africa, according to the bank.

In addition to the money announced today, the Portuguese development bank (Sofid) “also plans to guarantee 20 million euros in addition to the financial instrument of a capital increase that is in the process of being finalized, in line with the compact,” said the official.

“This is a very big effort on the part of the Portuguese Government, so the guarantees can go up to 400 million, because there may not be enough projects for this dimension in terms of guarantees, but here there is a strong commitment of Portugal with this compact,” he said. the Secretary of State for Foreign Affairs and Cooperation.

The official stressed that the initiative represents an “extraordinary opportunity” for the development of the countries and “in a consistent, coordinated and articulated way, we can also put our companies in this compact, which is of course very important for Portugal.”

“What we want is for all this movement of the compact to be made having as a pole the private sector and, of course, the mobilization of the Portuguese private sector, to invest in the Portuguese speaking countries of the compact, where obviously we already have a very relevant activity that is carried out by our companies, “Teresa Ribeiro told.

The Secretary of State for Foreign Affairs and Portuguese Cooperation said that the mobilization and articulation of efforts of a financial nature ” are decisive to give another scale to the internationalization of Portuguese companies in Portuguese-speaking countries and from this point of view, as has been said today by several ministers, is a historic moment. ”

“It’s something that makes us look with great optimism for this financial instrument,” he commented.

“We need development aid, of course, but we need private investment and we need to promote trade because that is the only way to foster development in these countries,” said Teresa Ribeiro.

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