Portugal sets up investment agency for PALOP business ventures

30 December 2005

Lisbon, Portugal, 30 Dec – The Lisbon government has decided to establish an investment and development agency to channel aid funds into business projects in Portuguese-speaking African Countries (PALOP), officials said.

The Lisbon cabinet decided Thursday to set up SOFID, which will grant favorable credit terms to the Portuguese private sector in the PALOP, particularly states benefiting from Lisbon’s development aid, an official statement said.

SOFID will also become a partner of the European Commission and European Investment Bank (EIB) and Lisbon aims to access funds for future PALOP projects from both the EIB and World Bank. (macauhub)