African financial institution grants Sao Tome and Principe US$1 million

31 August 2007

Sao Tome, Sao Tome and Principe, 31 Aug – The African Capacity Building Foundation (ACBF), an African sub-regional financial institution, has provide US$1 million to Sao Tome and Principe to carry out studies on the archipelago’s economy, the Sao Tome Economy minister said Wednesday.

Maria Tébus told journalists that the financial aid from the ACBF was essentially needed to continue the work of the Sao Tome and Principe Center for Research and Political Analysis for Development(CIAPD).

Amongst other responsibilities, the CIAPD aims to provide Sao Tome staff with skills in managing and analyzing economic policies in order to support decision-makers as part of the archipelago’s good governance process, she added.

“The center will go into operation to support the government in the area of economic and financial research,” said Tebus, who is also Sao Tome’s deputy prime minister.

The financial support from the ACBF for a four-year period, follows another US$1 million provided just over two years ago, which was invested in the education and health sectors as part of the program to combat poverty.

The African Capacity Building Foundation, which is based in Harare, Zimbabwe, was set up in 1991 based on a multi-institutional agreement involving several African countries and bilateral donors such as the African Development Bank and the World Bank. (macauhub)