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Brazil joins the Lusophone Compact investment platform
Brazil signed on Monday to join the Lusophone Compact, a partnership of the African Development Bank (AfDB), Portugal and Portuguese-speaking African countries, Brazilian authorities announced.
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Economia Brasil
Of the Portuguese-speaking shareholders in the AfDB, Brazil was the only one that had not yet signed the Lusophone Compact.
The agreement was signed in Brasília, at a ceremony attended by the Brazilian Minister of Planning and Budget, Simone Tebet, the President of the AfDB, Akinwumi Adesina, and the ambassadors of Portugal, Luis Faro Ramos, Angola, Cape Verde, Mozambique and Guinea-Bissau in Brazil.
According to a statement from the Government, the Brazilian minister stressed that joining this platform is an "important instrument to support partnerships between the public and private sectors of Brazil and the Portuguese-speaking countries in Africa".
"Brazil and the Portuguese-speaking African countries have strong historical, cultural and social ties, and we need to work to strengthen economic ties through more investment, trade and cooperation," stressed Simone Tebet.
On the other hand, according to the same note, the Secretary of International Affairs and Development of Planning and Budget of Brazil, Renata Amaral, explained that this memorandum will allow "promoting investment and the development of structural projects, encompassing various instruments for risk mitigation and leveraging private resources, as well as the eventual provision of institutional technical assistance".
Signed in November 2018, the Lusophone Compact is an investment platform and a partnership between eight parties, committing them to contribute to accelerating private sector growth and infrastructure development in Portuguese-speaking African countries.
Read Also: Brazil wants to allow foreign companies to operate in the Amazon (Portuguese version)
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