Millennium Challenge Corporation mission studies new financing for Sao Tome and Principe

19 October 2010

Sao Tome, Sao Tome and Principe, 19 Oct – Sao Tome and Principe may be elected this coming November for a new Millennium Challenge Corporation (MCC) compact programme, an official from that US development aid programme said on Monday in Sao Tome.

“The results will be announced in November and with the new indicators we’ll see how the points are and what Sao Tome and Principe can achieve and then be elected for the compact programme,” said Malik Chaka after an audience with Prime Minister Patrice Trovoada.

The amount was not revealed, though a source from the Ministry of Finance and International Cooperation told Portuguese news agency Lusa that “the compact programme involves a financial package worth US$60 million”.

Chaka heads a mission that is in Sao Tome to discuss with the authorities “the progress in implementing the MCC programme in Sao Tome and Principe”.

The mission’s trip to the island country is meant to measure progress with respect to the recommendations made by the previous delegation, which visited Sao Tome last year.

The MCC has been working with the Sao Tome authorities for more than three years and has provided US$8 million to finance reform projects in the areas of taxes, customs and the port of Sao Tome. (macauhub)