Sao Tome: Country joins Africa Finance Corporation

Login

Register

http://www.clubofmozambique.com/

Sao Tome: Country joins Africa Finance Corporation

2:28 CAT | 20 Nov 2023

Image: AFC

Sao Tome and Príncipe and Burundi have joined the Africa Finance Corporation (AFC), a multilateral entity that aims to foster investment in infrastructure and improving the operating environment in developing African countries.

“Despite significant macroeconomic headwinds, AFC has doubled its membership in the last five years, strengthening its mandate to resolve regional challenges and catalyze private sector-led infrastructure development across Africa,” reads the AFC statement sent to Lusa.

The addition of Sao Tome and Príncipe ” further diversifies AFC’s reach in Portuguese-speaking Lusophone countries” as “the West African twin island joins AFC’s existing Lusophone members, including Angola, Guinea Bissau, and Cape Verde,” the statement added, which notes the AFC’s intention to help the country develop its energy sector.

“he Corporation plans to support the country’s target of generating half of all renewable electricity by 2030. AFC also intends to support the nation’s quest to develop sustainable and resilient transport infrastructure to withstand climate change impacts,” the document added.

Sao Tome and Príncipe, the AFC said, citing data from the World Food Programme, is “p is particularly vulnerable to rising temperatures, changes in precipitation patterns, higher sea levels, and extreme weather due to its geographical location and isolation”.

In both regions, which include Burundi and Sao Tome and Príncipe, AFC has deepened its involvement, having “secured transformative projects such as Cabeolica’s 26-megawatt wind project in Cabo Verde or Red Sea Power’s 60-megawatt project in Djibouti, as well as investing in the first gold mine in Nigeria’s Osun state, the Segilola Gold mine.

“We welcome São Tomé and Príncipe, and Burundi into the AFC community and look forward to furthering our close collaboration with both nations’ governments to help advance their economic development and industrialization,” said AFC President Samaila Zubairu, quoted in the statement.

“I am confident that working together, we will quickly identify projects that will prove transformative in driving import substitution, value addition, job creation, and beneficiation of the abundant natural wealth of both nationss,” he concluded.

Source: Lusa