World Bank supports Sao Tome and Principe trade

29 January 2013

The government of Sao Tome and Principe and the International Financial Corporation (IFC) have signed an agreement to improve foreign trade for the archipelago, the Minister for Planning and Finance, Hélio Almeida said.

According to the minister, cited by the Portuguese News Network, the agreement includes creation of a “one-stop shop” (guichet único) where all documents for import and export will be processed, and installing a customs information software system.

Minister Hélio Almeida also announced that the IFC had provided the country with funding of US$2.6 million for the next three years.

According to Almeida the aim is to “simplify customs clearance processes for goods,” whilst complying with international standards.

Although the centre is the Customs Directorate, other parties such as port management company Empresa Nacional de Portos (Enaport), the Fiscal Police and shipping agencies will also be actively involved, the minister said.

The head of the IFC mission, Henri Rabarijohn, said that in the next two to three years “services for the country’s export businesses and to assist with exports as well as all trade processes,” would start operating.

The IFC was founded in 1956 and help companies and financial organisations in emerging markets to create jobs, manage tax revenues, improve business management and environmental performance. (macauhub)