The African Development Bank (AfDB), in partnership with the governments of Portugal and Brazil, this week presented a set of financing mechanisms during the 15th Summit of the Community of Portuguese-Speaking Countries (CPLP), held in Bissau. The initiative is aimed at supporting sustainable economic development in Mozambique and other African CPLP member states.
According to an official statement, this initiative, known as the Lusophone Compact, seeks to mobilize private investment and promote inclusive growth in the six African CPLP countries: Angola, Cape Verde, Guinea-Bissau, Mozambique, São Tomé and Príncipe, and Equatorial Guinea.
Together, these countries represent a community of more than 300 million people, with a combined Gross Domestic Product (GDP) of USD 2.3 trillion (MZN 147.2 trillion) in 2024 — indicating vast potential for economic development, trade, and regional integration. During the summit sessions, the Lusophone Compact Secretariat took part in high-level dialogues focused on food security, technology, and sustainability — key themes also prioritized during Guinea-Bissau’s rotating presidency of the CPLP.
The initiative outlines financing tools and eligibility criteria to support national efforts to mobilize resources and accelerate private investment.
Neima Ferreira, coordinator of the Lusophone Compact at the African Development Bank, emphasized the importance of the summit in strengthening the strategic priorities of the initiative: “With the right tools, partnerships, and vision, Portuguese-speaking countries can lead a new era of investment-driven development.”
The host country, Guinea-Bissau, reaffirmed its commitment to private sector-led economic growth and expressed interest in aligning the Compact’s mechanisms with its national development strategy.
One of the success stories highlighted was the Cabeólica Project in Cape Verde — a public-private wind energy partnership co-financed by the African Development Bank and the European Investment Bank. The project now supplies more than 20% of the country’s electricity, avoiding thousands of tons of CO₂ emissions and creating local jobs.
As Lusophone African countries seek to diversify their economies and accelerate inclusive development, the Lusophone Compact positions itself as a robust mechanism to mobilize private capital, foster regional cooperation, and achieve shared goals for sustainable growth.
Source: Diário Económico
