ADB lends US$21 million to Sao Tome and Principe

16 July 2015

The African Development Bank (ADB) has granted a loan to Sao Tome and Principe in the amount of US$21 million to ensure food security on the archipelago, under an agreement signed Wednesday in Sao Tome.

The document was signed by the representative of the ADB in Sao Tome and Principe, Séptime Martin and the Sao Tome Minister of Finance and Public Administration, Américo Ramos.

The ADB representative later said the five-year agreement was essentially aimed at the modernisation and development of agricultural and fishing facilities as well as the professionalisation and innovation of technical workers in the sector.

The project will involve the centres for Technical Agro-livestock Improvement and Agricultural Research and Technology, in partnership with some NGOs.

The announcement of the African Development Bank loan comes 24 hours after another similar agreement, through which Portugal opened a line of credit in favour of Sao Tome and Principe of 10 million euros to support the private sector in the archipelago. (macauhub/PT/ST)