{"id":9993,"date":"2021-12-02T15:54:01","date_gmt":"2021-12-02T15:54:01","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/?p=9993"},"modified":"2021-12-02T14:43:12","modified_gmt":"2021-12-02T14:43:12","slug":"lusophone-compact-afdb-and-ifc-partner-to-advance-economic-development-in-lusophone-african-countries","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/lusophone-compact-afdb-and-ifc-partner-to-advance-economic-development-in-lusophone-african-countries","title":{"rendered":"Lusophone Compact: AfDB and IFC partner to advance economic development in Lusophone African countries"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Mozambique. <\/strong><\/span>The African Development Bank and IFC, a member of the World Bank Group, on Wednesday signed a partnership agreement admitting IFC as the first institutional partner to the Development Finance Compact for Portuguese-Speaking Countries of Africa, or the Lusophone Compact*.<\/p>\n<p>The agreement was signed by African Development Bank Vice President for Corporate Services and Human Resources and Chair of the Lusophone Compact Steering Commitee, Dr. Mateus Magala and S\u00e9rgio Pimenta, Regional Vice President for Africa, IFC, in a brief ceremony in the Ivorian commercial capital Abidjan.<\/p>\n<p>The signing follows the Lusophone Compact Steering Committee\u2019s approval of IFC\u2019s submission of a proposal to partner in the initiative, based on the Compact\u2019s Membership and Partnership Eligibility Criteria Framework, adopted in December 2020.<\/p>\n<p>Acceptance into the Lusophone Compact is based on two broad principles: support to the initiative\u2019s goal of accelerating inclusive private sector growth and promoting regional integration of the Portuguese speaking countries of Africa, and the provision of specific, value-added contributions aligned with the initiative\u2019s anchors.<\/p>\n<p>\u201cThis remarkable milestone will maximize adequate support and delivery for accelerated private sector development and regional integration in the Portuguese-Speaking Countries of Africa. IFC brings its vast experience and global expertise in supporting private sector development across various countries. We are looking forward to working together to scale-up private sector investments in the Lusophone Compact member countries,\u201d Dr. Magala, said in remarks during the signing ceremony.<\/p>\n<p>Membership and partnership in the Lusophone Compact is open to African Development Bank Portuguese-speaking regional and non-regional member countries; regional economic committees; development finance institutions; investment banks; commercial banks; institutional investors such as pension funds; sovereign wealth funds; and other private institutions, foundations, non-governmental organisations, and institutions offering technical assistance.<\/p>\n<p>\u201cIFC is fully committed to advancing economic development in Lusophone African countries. We see this signing of the compact for Lusophone Africa and its integrated development plan as a continuation of our work, but now maximised to leverage the skills, knowledge and financing brought by each partner,\u201d said Pimenta.<\/p>\n<p>The Lusophone Compact promotes private sector development by providing risk mitigation, financing instruments, and technical assistance to encourage businesses in member countries.<\/p>\n<p>Pimenta noted that the goals of the Compact align closely with IFC\u2019s Creating Markets strategy being implemented in Lusophone Africa and beyond to unlock opportunities for private sector investment through private sector diagnostic work, risk mitigation and financing of viable projects.<\/p>\n<p>\u201cWe very much look forward to working with our partners to leverage our expertise and support the mobilisation of private capital into the PALOPs,\u201d Pimenta, added.<\/p>\n<p><b>*The Lusophone Compact is a financing platform, involving the African Development Bank, Portugal, Angola, Cabo Verde, Guinea Bissau, Equatorial Guinea Mozambique and Sao Tome and Principe, which provides risk mitigation, investment products and technical assistance to accelerate private sector development in Lusophone African countries (Source: AfDB).<\/b><\/p>\n<p><b>About IFC<\/b><\/p>\n<p>IFC\u2014a member of the World Bank Group\u2014is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit www.ifc.org(link is external)<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/mozambique\">Mozambique<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Mozambique. The African Development Bank and IFC, a member of the World Bank Group, on Wednesday signed a partnership agreement admitting IFC as the first institutional partner to the Development Finance Compact for Portuguese-Speaking Countries of Africa, or the Lusophone Compact*. The agreement was signed by African Development Bank Vice President for Corporate [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":9991,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[233,281,283],"class_list":["post-9993","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Lusophone Compact: AfDB and IFC partner to advance economic development in Lusophone African countries - Mozambique<\/title>\n<meta name=\"description\" content=\"The African Development Bank and IFC, a member of the World Bank Group, on 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