Cabo Verde signs memorandum with the African Development Bank and Portugal

On Monday Cabo Verde became the second Portuguese-speaking African country to sign the Memorandum of Understanding on the Lusophone Compact with Portugal and the African Development Bank, the archipelago’s government said.

The signing of the memorandum took place on the sidelines of the first edition of the Cabo Verde Investment Forum, taking place from 1 to 3 July on the island of Sal. The Lusophone Compact is intended to promote structural investment projects in those African countries.

“There is a total of US$470 million that will give an important boost to the economy of the Community of Portuguese-Speaking Countries,” according to Deputy Prime Minister and Finance Minister Olavo Correia, who represented the Cabo Verde government in signing the document.

The Lusophone Compact was signed between Portugal and the African Development Bank in November 2018 as part of a wide range of multilateral partnerships announced during the Africa Investment Forum in Johannesburg, South Africa.

On 12 March, the African Development Bank, Mozambique and Portugal signed an agreement called the Mozambique Lusophone Compact to support investment projects, the first for a specific country. (Macauhub)