A high-level delegation from the African Development Bank recently participated in the 13th Lusophone Compact Standing Committee Meeting in Portuguese capital Lisbon, with a focus on operationalizing the Lusophone Compact Guarantee Program.

The mission marked a significant step in the Bank’s ongoing efforts to expand investments and partnerships through the Lusophone Compact – a tripartite partnership involving the Bank, the Government of Portugal, Portuguese-speaking African countries (PALOPs), and Brazil, which recently joined as the eighth member.

From 30 April - 02 May, mission members held strategic engagements with the Government of Portugal aimed at diversifying the range of financing instruments available to PALOP countries.

“The mission was highly successful, characterized by productive engagements with private sector stakeholders whose prospective projects have the potential to drive development across the PALOP region,” commented Neima Ferreira, the Bank’s Lusophone Compact Coordinator.

During the five-day mission, Bank representatives held a series of meetings with prominent Portuguese private sector companies, aiming to attract investments and establish a robust project pipeline across PALOPs. The discussions focused on fostering partnerships to drive economic growth and create sustainable development opportunities. The meetings also addressed key challenges to increasing private sector awareness of the Lusophone Compact.

The efforts signify the strong commitment of both the Bank and the Government of Portugal to enhance collaboration and support for private sector involvement in support of priority sectors across the Lusophone region.

“Our enduring partnership with Portugal has never been stronger, and we are committed to harnessing the strength of the Portuguese guarantee and other risk mitigating instruments to shape a bold and prosperous future through the Lusophone Compact,” Aida Ngom, Bank Director of Private Sector Development, said.

The Lusophone Compact Guarantee Program is a vital instrument designed to de-risk investments and facilitate the mobilization of private sector financing to Portuguese-speaking African countries (PALOPs).

“I believe the Bank has built strong ties, and many positive developments will emerge from this mission for the PALOP region,” Ferreira concluded.

Source AfDB