Japan re-launches financial aid to Sao Tome and Principe

13 March 2007

Sao Tome, Sao Tome and Principe, 12 March – Japan has granted US$1.6 million to Sao Tome and Principe, as part of a program of bilateral cooperation, the Sao Tome Foreign Minister, Gustavo dos Anjos said Monday in Sao Tome.

Dos Anjos told Macauhub that confirmation of the Japanese donation had been made over the weekend, in the capital of Sao Tome, following an agreement between the two countries, signed by himself and the Japanese ambassador Hiromi Akamoto.

Dos Anjos said that the areas in which the funding would be applied had yet to be decided, and he was awaiting a joint decision.

It is likely however that the funding will be channelled into the program to combat poverty, as part of a macroeconomic balancing policy of the International Monetary Fund (IMF) and the World Bank, which aims to obtain a pardon for the archipelago’s foreign debt, valued at over US$300 million.

Two years ago Japan suspended food aid of rice to Sao Tome and Principe due to fraud related to the sale of the product on the Sao Tome market.

Japan has also helped the archipelago in the fisheries, construction and training sectors. (macauhub)