The Africa Development Bank (ADB) has donated US$295,930 to Sao Tome and Principe to fund a Portuguese-language cooperation programme as part of the South-South Trust Fund, the organisation said.
In a statement, the ADB said that the donation had been approved last Thursday on the sidelines of the annual ADB meeting, which ended Friday in Marrakesh, Morocco, and was signed by Sao Tome and Principe’s Finance Minister, Hélio da Silva Almeida.
ADB approved the funds “to contribute to efficient use of oil revenues,” the statement said, adding that the project is intended “to create jobs and boost skills, particularly of young people.”
The South-South Trust Fund was set up by Brazil in June 2011 to improve exchange of technology, knowledge and resources amongst developing countries, to benefit ADB member states.
The ADB, which has 54 member-state sin Africa, is intended to promote sustainable economic development by channelling investment and providing technical advice and assistance. (macauhub)