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Compact: African Development Bank and IFC Partner to Advance Economic Development in Lusophone African countries

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Compact: African Development Bank and IFC Partner to Advance Economic Development in Lusophone African countries

We look forward to working together to increase private sector investment in the Portuguese-speaking Pact member countries.

ABIDJAN, Ivory Coast, December 1, 2021 / APO Group / –

The African Development Bank (AfDB.org) and the IFC, a member of the World Bank Group, signed a partnership agreement on Wednesday admitting the IFC as the first institutional partner of the Financing for Development Compact for African Countries. de Habla Portuguesa, or the Portuguese-Speaking Pact. .

The agreement was signed by the Vice President of Corporate Services and Human Resources of the African Development Bank and President of the Steering Committee of the Portuguese-speaking Pact, Dr. Mateus Magala and Sérgio Pimenta, Regional Vice President for Africa, IFC, in a brief ceremony in the commercial capital of Ivory Coast. Abidjan.

The signing follows approval by the Steering Committee of the Portuguese-speaking Pact of the IFC’s submission of a proposal to partner in the initiative, based on the Pact’s Membership and Association Eligibility Criteria Framework, adopted in December 2020.

Acceptance in the Portuguese-speaking Pact is based on two general principles: supporting the initiative’s objective of accelerating inclusive private sector growth and promoting regional integration of Portuguese-speaking African countries, and providing specific contributions from added value aligned with the pillars of the initiative. .

“This remarkable milestone will maximize adequate support and delivery for accelerated private sector development and regional integration in Portuguese-speaking African countries. IFC brings its vast experience and global expertise in supporting private sector development in various countries. We look forward to working together to increase private sector investment in the member countries of the Portuguese-speaking Pact, ”Dr. Magala said in remarks during the signing ceremony.

Membership and association in the Portuguese-speaking Pact is open to regional and non-regional Portuguese-speaking member countries of the African Development Bank; regional economic committees; development finance institutions; investment banks; commercial banks; institutional investors such as pension funds; sovereign capital funds; and other private institutions, foundations, non-governmental organizations and institutions that offer technical assistance.

“IFC is fully committed to advancing economic development in Portuguese-speaking African countries. We see this signing of the pact for Portuguese-speaking Africa and its integrated development plan as a continuation of our work, but now maximized to take advantage of the skills, knowledge and funding provided by each partner, ”said Pimenta.

The Portuguese-speaking Pact promotes private sector development by providing risk mitigation, financing instruments, and technical assistance to encourage companies in member countries.

Pimenta noted that the Pact’s objectives are closely aligned with IFC’s Market Building strategy being implemented in Portuguese-speaking Africa and beyond to unlock opportunities for private sector investment through private sector diagnostic work. , risk mitigation and financing of viable projects.

“We look forward to working with our partners to leverage our experience and support the mobilization of private capital in the PALOPs,” added Pimenta.

Click here (https://bit.ly/3I9OeNI) for more information on the membership and association eligibility criteria.

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