Lisbon, Portugal, June 29, 2009-IFC,
a member of the World Bank Group, today signed an agreement with Portugal’s
Ministry of Finance and Public Administration to establish a €500,000
(US$700,000) trust fund to support private sector development in six countries
in Africa and Asia.
Through the trust fund, IFC and Portugal will support projects in Angola,
Cape Verde, Guinea Bissau, Mozambique, Sao Tome and Principe, and Timor
Leste. Portugal will provide capital for the fund, which will be managed
The emphasis will be on providing advisory services to public and private
sector partners in these Lusophone countries to help improve the investment
climate, promote the growth of small and medium enterprises, and support
access to finance and infrastructure development..
Thierry Tanoh, IFC Vice President for Sub-Saharan Africa and Western Europe,
said, “We welcome Portugal’s support for advisory services activities
in Lusophone countries, particularly Timor Leste. Building long term partnerships
with donors such as Portugal is a central element of our strategy to deliver
targeted advisory services with strong development impact on the ground.”
Fernando Teixeira dos Santos, Portugal’s Minister of State and Finance,
stressed his country’s commitment to reinforce and expand its cooperation
and development support with Lusophone countries.
The Agreement was signed in Lisbon at the Meeting of Finance Ministers
of the Community of Portuguese Speaking Countries, of which Portugal currently
holds the Presidency.
IFC, a member of the World Bank Group, creates opportunity for people to
escape poverty and improve their lives. We foster sustainable economic
growth in developing countries by supporting private sector development,
mobilizing private capital, and providing advisory and risk mitigation
services to businesses and governments. Our new investments totaled $16.2
billion in fiscal 2008, a 34 percent increase over the previous year. For
more information, visit www.ifc.org.
The Ministry of Finance and Public Administration of Portugal is responsible
for the institutional relations with the International Financial Institutions,
among which the World Bank Group. It is also responsible for the management
of the Integrated Programs for Cooperation and Technical Assistance in
Public Finance (PICATFin), currently in implementation in Angola, Guinea
Bissau, S. Tome and Principe and Mozambique.