Sao Tome bank wants to attract foreign investment

3 April 2007

Sao Tome, Sao Tome and Principe, 3 April – The National Investment Bank of Sao Tome and Principe plans to attract over US$100 million to the Sao Tome economy over the next five years, the chairman of the bank said in Sao Tome Monday.

Paulo Mirpuri told Macauhub that the project to attract foreign investment was part of a commercial cooperation agreement established four days ago with Sociedade de Desenvolvimento de Sao Tome e Principe, the concession-holder for the offshore business center and the duty-free area of the archipelago’s international airport.

The agreement between the two firms outlines “specific” marketing actions in foreign markets, namely Europe, North America, Brazil and Asia, for business opportunities in the Sao Tome and Principe public works, tourism and industrial sectors.

“We expect the contribution to the Sao Tome and Principe economy of this initiative to be over US$100 million over the next five years,” said Mirpuri.

Founded in 2004, the only investment bank in Sao Tome and Principe, under the terms of the agreement will provide a number of financial products and specialized advice to make investment by qualified companies in the country easier. (macauhub)