Sao Tome, Principe and Burundi have joined the African Finance Corporation (AFC), a multilateral organization that aims to promote infrastructure investment and improve the operating environment in developing African countries.
“Despite significant macroeconomic headwinds, AFC has doubled its membership over the past five years, strengthening its mandate to address regional challenges and spur private sector-led infrastructure development across the continent,” AFC said in a statement sent to Lusa.
The annexation of Sao Tome and Principe “diversifies the sphere of influence of the Portuguese-speaking countries; The archipelago joins the Portuguese-speaking members that are already members of the AFC, including Angola, Guinea-Bissau and Cape Verde,” the statement added, reflecting the AFC’s intention to help the country develop its energy sector.
“The Corporation plans to support the country in achieving its goal of generating half of renewable energy by 2030, and also intends to support the country in developing a sustainable transport infrastructure network that is resilient to the impacts of climate change,” the document adds.
Sao Tome and Principe, the AFC said, citing data from the World Food Program, is “particularly vulnerable to rising temperatures, changes in precipitation patterns, rising sea levels and extreme temperatures due to its geographic location and isolation.”
In both regions, including Burundi and Sao Tome and Principe, AFC expanded its involvement by “guaranteeing transformative projects such as the 26-megawatt Cabeolica wind project in Cape Verde or the 60-megawatt Red Sea Power project in Djibouti, in addition to investments ” at the first gold mine in Osun State, Nigeria, the Segilola Gold Mine.
“We welcome Sao Tome and Principe and Burundi to the AFC community and look forward to deepening cooperation with both countries to help advance their economic development and industrialization,” AFC President Samaila Zubairu said as quoted in the statement.
“I am confident that together we will quickly identify transformative projects that will stimulate import substitution, value addition, job creation and improvement of both countries’ rich natural resources,” the official concluded.
Author: Lusa
Source: CM Jornal
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