African Development Bank to grant support to Sao Tome and Principe

21 June 2010

Sao Tome, Sao Tome and Principe, 21 Jun – The African Development Bank (AfDB) is to grant Sao Tome and Principe US$11 million in support for the 2010/2011 period, the head of the AfDB’s economic sector, I. Koussoube, said on Sunday in Sao Tome.

The AfDB’s financial aid is split into two parts, with each aiming for a specific goal.

The first amount of US$3.7 million is meant to fund the programme for capacity-building in the planning and finance sector and to pay for production of the second Poverty Reduction Strategy document.

“This enhancement of capacities will mainly concern the Ministry for Planning and Finance, specifically its strategic function and the second poverty reduction strategy document. It will also support a certain number of studies linked to strategic sectors needed for decision-making, orientation and planning in this country, Koussoube told Portuguese news agency Lusa.

He added that “the second financial package” of US$7.4 million “would be used to finance a food security project, to restore production support infrastructures in the agriculture sector”.

Koussube was heading a four-member AfDB mission which travelled to the island country to evaluate investments made with the institution’s funds. (macauhub)