São Tomé and Príncipe is the 42nd member of the African Financial Corporation, behind Burundi (41st), indicates an article by French journalist Jacques Leroueil, published on Sunday in Forbes Afrique magazine.
The two countries’ accession was driven by the African Development Bank, ADB, according to an article in the magazine, referring to the “welcome” wishes of the organization’s CEO, Samaila Zubairu.
“I welcome São Tomé and Príncipe and Burundi to the AFC community. I look forward to continuing close collaboration with the governments of these two countries in order to contribute to their economic development and industrialization”, reads the note The accession means that both countries will benefit from the more than 16 billion dollars that the AFC has for the most diverse development projects, some already underway in 35 African countries.
As for the sectors in which the corporation focuses most, these range from heavy industry to logistics chains, including information and communication technologies. The energy sector, however, continues to be the main beneficiary of the AFC, particularly in the renewable energy segment.
Created in 2007, with a capital of one billion dollars, AFC is an important African financial institution that mainly aims to develop the private sector, particularly infrastructure.