Portugal’s financial development agency to have 12.5 million euros in stockholder equity

20 February 2006

Lisbon, Portugal, 20 Feb – The future Portuguese financial development agency (SOFID), aimed at making investments in Portuguese-speaking African countries, will have 12.5 million euros of stockholder equity, bringing together Portugal’s 4 largest banks, Portuguese financial daily Diário Económico reported Friday.

António de Sousa, the banker responsible for the company’s business plan, which will be presented to the bank of Portugal this week, told the newspaper that SOFID would initially have nominal capital of 10 million euros.

As expected, the Portuguese state will be the company’s main shareholder, and will be joined by the four largest Portuguese banks – Caixa Geral de Depósitos, Banco Comercial Português, Banco Espírito Santo and Banco Português de Investimentos.

The agency, whose set up was agreed at the end of last year, will be set up along the lines of the European Development Finance Institutions (EDFI), allowing it access to European funding available to make investments in developing countries as part of the Cotonou Convention, of around 1.5 billion euros.

According to Sousa, the financial institution, “will initial operate in Portuguese-speaking African countries,” and have a, “very simple structure” with a round 8 people, three of which will be part of its executive commission. (macauhub)