Sao Tome receives funds poverty combat from African Development Bank

17 May 2007

Shanghai, China, 17 May – The African Development Bank has donated funds to Sao Tome and Principe to support the archipelago’s efforts to combat poverty, officials have said.

The accord, for a donation of between US$ 500,000 and US$ 600,000, was formalized Wednesday by Joseph Eichenberger, ADB vice-president, and Luis Sousa, a board member of Sao Tome’s central bank, at the annual general meeting of the ADB.

Sousa said the ADB funds would be applied to the Sao Tome’s poverty reduction programs through training of personnel involved in these projects.

The ADB is holding its AGM in China’s economic hub, Shanghai, Wednesday to Thursday, gathering finance and economy ministers from 53 African member states and representatives from 24 non-member countries, as well as three heads of state including President Pedro Pires of Cape Verde.

Founded in 1964, the Abidjan-based ADB group comprises the African Development Bank, the African Development Fund and the Nigeria Trust Fund. Its goals are to promote social and economic development in the continent through loans, investment and technical assistance. (macauhub)