China grants US$10.9 million in subsidies to Sao Tome and Principe in 2017

China has granted US$10.9 million in subsidies for several projects in Sao Tome and Principe in 2017, according to a World Bank document that Macaubub had access to on Wednesday in Sao Tome.

The statement is contained in a 120-page document entitled “Analysis of Public Expenditure in Sao Tome and Principe,” to which Macauhub had access through the representative of the World Bank, France’s Olivier Lambert, who is currently visiting the archipelago.

In this document, the World Bank also expects, “an amount of US$38 million in subsidies to be disbursed by China over five years,” especially for the agriculture, health and energy sectors following a bilateral cooperation agreement signed in May 2017.

China should also “pay out US$146 million to support infrastructure projects over five years,” as well as a “debt pardon to Sao Tome and Principe estimated at US$28 million,” adds the World Bank’s January 2018 report.

Citing data from the government of Sao Tome and Principe, the document also refers to the “200 annual internships and scholarships for students and professionals of Sao Tome and Principe,” under specific agreements with Beijing.

The report contains a reference to the reestablishment of diplomatic relations between Sao Tome and Principe and the People’s Republic of China in December 2016 and the cut with Taiwan, named by the World Bank as one of the leaders on the list of subsidies to the archipelago with a annual average of US$15 million.

As part of his visit to the archipelago, the World Bank representative for Sao Tome and Principe announced an amount of approximately US$ 5 million to finance projects following two financing agreements signed a week ago in the capital. (macauhub)