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On Wednesday, 26 July, the National Assembly of São Tomé and Príncipe approved the Amending Budget for 2017, with the votes of the ruling Democratic Independent Action party, to include financing resulting from the new cooperation with the People’s Republic of China.
The São Tomée and Príncipe parliament on Tuesday is due to start discussing a proposed amending budget for this year, with a view to including financing from the country’s new cooperation with the People’s Republic of China, Macauhub has learned from a parliamentary source.
The President of São Tomé and Príncipe Evaristo Carvalho said on Wednesday in Sao Tome that “China represents an excellent opportunity for the country to obtain a new source of financing,” for the development of its economy.
Trade between China and the Portuguese-speaking countries rose 41.51% year-on-year in the January-May period to US$46.3 billion, according to official figures from China issued by Forum Macau.
The director of the Bank of China – Branch in Luanda intends to base the institution’s growth strategy on trade between the two countries, considering that the greater the trade, the better the business opportunities, state newspaper Jornal de Angola reported.
The availability of European funds to finance cooperation projects in Africa is large, but there is a lack of well-prepared projects, particularly in Portuguese-speaking African countries, according to the president of the Portuguese Development Finance Society (Sofid).
Competition for customer funds in the banking system in Mozambique is the main reason why the country’s stock exchange has only five listed companies, according to a study commissioned by the Mozambican Stock Exchange (BVM), the Mozambican press reported.
Overdue loans in the Angolan banking system totalled 639.071 billion kwanzas (US$3.833 billion) at the end of 2016, an amount equivalent to 17.6% of the total credit granted by the system to the country’s economy, the governor of the central bank said on Wednesday in Luanda.
Trade between China and Portuguese-speaking countries recorded year-on-year growth of 40.41% from January to April, totalling US$34.172 million, according to official Chinese figures released by Forum Macau.
Chinese group Ningbo Tuopu has decided to build its first auto parts plant in Brazil in Guarulhos, in the metropolitan region of São Paulo, the group said on Thursday, quoted by the Investe São Paulo agency.
Chinese state power group State Power Investment Corporation (SPIC) has submitted a proposal to buy the stake of the Centrais Energéticas de Minas Gerai (Cemig) group in the Santo António hydroelectric project, according to a statement issued on Tuesday.
The Chinese province of Fujian and São Tomé and Príncipe will carry out studies on industrial fishing in the territorial waters of the archipelago, the director general of the São Tomé Fisheries, João Pessoa, told Macauhub in São Tomé on Tuesday.
China is willing to help São Tomé and Príncipe replace the use of fossil fuels with renewable energy, such as wind and solar, in order to preserve the environment and with the aim of promoting tourism in the archipelago, the new Chinese ambassador said on Thursday in São Tomé.
Banco BIC Português will change its name to EuroBic as of 27 July, the president of the bank announced in Lisbon, explaining the measure was due to a court decision.
China is “available to support sustainable development” in São Tomé and Príncipe through cooperation in the areas of “infrastructure, tourism and agriculture,” said the new Chinese ambassador, Wang Wei, who on Thursday began his diplomatic mission in the São Tomé capital.
Millennium bim, a Mozambican bank whose main shareholder is Portugal’s Banco Comercial Português (BCP) group, has launched a Chinese foreign exchange service, “which aims to facilitate business and trade between the bank’s customers and their Chinese suppliers.”
The export of cocoa in the first quarter of the year provided São Tomé and Principe with a revenue of 24.3 billion dobras (just over US$1 million), according to figures from the National Statistics Institute (INE) obtained by Macauhub in São Tomé.
São Tomé and Príncipe’s economy is expected to grow 5.6% this year and 5.4% in 2018 due to increased foreign investment in construction and tourism, according to the “African Economic Outlook 2017.”
Sao Tome and Principe has appointed Gualter Vera Cruz as the representative to the Forum for Economic and Trade Cooperation between China and Portuguese-speaking Countries, said Xu Yingzhen, the Secretary-General of the institution.
Representatives from the eight Portuguese-speaking member countries of Forum Macau will travel to Macau in search of Chinese partners and investments at the International Forum on Investment and Infrastructure Construction (IICF), on 1 and 2 June.