São Tomé and Principe asks for US$90 million a year until 2019

16 October 2015

The government of São Tomé and Príncipe has asked its cooperation partners to increase financial aid to the country, during a roundtable meeting held in London attended by a delegation of 18 people led by Prime Minister Patrice Trovoada.

Addressing the representatives of several countries and financial institutions that have provided support to São Tomé and Príncipe for more than 40 years, the Prime Minister presented the post-2015 development agenda for the archipelago.

Countries like Portugal or the United Arab Emirates, institutions like the World Bank, the United Nations and the International Monetary Fund were represented at a round table where Trovoada once again called for a future in which the country was less dependent on international aid and was on its way to a self-sustaining economy.

“We have several scenarios, but I would say a reasonable scenario for us would be US$90 million annually for the next four years,” said the Prime Minister of São Tomé and Príncipe.

Trovoada also noted that US$550 million was needed for construction of a deepwater port in Fernão Dias, in the north of the island, and about US$60 million to increase the capacity and facilities of the capital’s airport.

The signing of an agreement with China Harbour Engineering Company Limited (CHEC) has secured US$120 million, but the head of the São Tomé government said he planned to establish an “international consortium” and does not want to repeat the model of other African countries where this type of work largely depends on Chinese capital. (macauhub/CN/PT/ST)