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AfDB and IFC partner to advance economic development in Lusophone African countries

Membership and partnership in the Lusophone Compact is open to AfDB Portuguese-speaking member countries. (Image source: Adobe Stock)

The African Development Bank (AfDB) and IFC, a member of the World Bank Group, on 2 December signed a partnership agreement admitting IFC as the first institutional partner to the Development Finance Compact for Portuguese-Speaking Countries of Africa, or the Lusophone Compact

The agreement was signed by AfDB vice-president for corporate services and human resources and chair of the Lusophone Compact Steering Commitee, Dr. Mateus Magala and Sérgio Pimenta, regional vice-president for Africa, IFC, in a brief ceremony in Abidjan. It was followed by the Lusophone Compact Steering Committee’s approval of IFC’s submission of a proposal to partner in the initiative, based on the Compact’s membership and partnership eligibility criteria framework, adopted in December 2020.

Acceptance into the Lusophone Compact is based on two principles: support to the initiative’s goal of accelerating inclusive private sector growth and promoting regional integration of the Portuguese speaking countries of Africa, and the provision of specific, value-added contributions aligned with the initiative’s anchors.

“This remarkable milestone will maximise adequate support and delivery for accelerated private sector development and regional integration in the Portuguese-Speaking Countries of Africa. IFC brings its vast experience and global expertise in supporting private sector development across various countries. We are looking forward to working together to scale-up private sector investments in the Lusophone Compact member countries,” said Dr Magala during the signing ceremony.

Membership and partnership in the Lusophone Compact is open to AfDB Portuguese-speaking regional and non-regional member countries; regional economic committees; development finance institutions; investment banks; commercial banks; institutional investors such as pension funds; sovereign wealth funds; and other private institutions, foundations, non-governmental organisations, and institutions offering technical assistance.

The Lusophone Compact promotes private sector development by providing risk mitigation, financing instruments, and technical assistance to encourage businesses in member countries.

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