AfDB finalizes grant-agreement worth €6.18mn for São Tomé and Principe

On Wednesday, the African Development Bank finalized an agreement worth 6.18 million euros in budgetary support to the Democratic Republic of São Tomé and Principe.

The agreement was signed at the African Development Bank's headquarters in Abidjan, Côte d'Ivoire, by Osvaldo Vaz, Minister of Planning, Finance and the Blue Economy of São Tomé and Principe and by Khaled Sherif, Vice President for regional development, integration and service delivery. The Minister Vaz welcomed the financial support of the Bank by lauding the "historic nature of this grant that will be used to improve the quality of life for the people of São Tomé."

The budgetary support was approved by the African Development Bank to São Tomé and Principe under its programme to support economic reform and the energy sector.

"The African Development Bank is pleased to see that its support was instrumental in the approval of the IMF credit facilitation programme in October 2019," Khaled Sherif said.

AfDB is all set to support the country's agenda for sustainable economic growth and poverty reduction with a twin-track approach: reform of public finance management and the business climate, and the promotion of efficient and sustainable energy supplies.