Sao Tome and Principe: World Bank and Nigeria provide archipelago with funding

19 January 2009

Sao Tome, Sao Tome and Principe, 19 Jan – The World Bank Friday granted the government of Sao Tome and Principe a donation of US$110,000 to set up a consultation committee for management and transparency of oil activities.

A mission from the bank is currently in Sao Tome to discuss strategies to discuss strategies for supporting the archipelago with the Sao Tome government.

Discussion of support for the 2009 General State Budget, funding of an Education programme and financial support from the World Bank and the International Monetary Fund (IMF) for the environment and airport facilities are on the agenda.

Meanwhile, President Fradique de Menezes said Friday that Nigeria would hand over between 30,000 and 50,000 barrels of oil per day to the archipelago as of February, under the terms of an agreement reached with his Nigerian counterpart.

Na identical agreement had already been established between the two countries, which explore a joint oil area, but ended up being suspended.

According to the Sao Tome head of state, the Nigerian authorities also approved a loan to Sao Tome and Principe of US$30 million to cover state budget expenses.

Negotiations between Menezes and Umaru Musa Yar’Adua took place during a visit by the Sao Tome president to Abuja, the Nigerian capital, accompanied by the ministers for Natural Resources and Energy, Cristina Dias, and of Planning and Finance, Ângela Viegas. (macauhub)