Brazil has officially become a member of the Lusophone Compact, an initiative aimed at accelerating private sector development in Portuguese-speaking countries in Africa. The agreement was signed by Brazil's Minister for Planning and Budget, Simone Tebet, with the president of the African Development Bank Group, Dr. Akinwumi Adesina, along with ambassadors from Portugal and Portuguese-speaking African countries.
During the signing ceremony in Brasilia, Minister Tebet emphasized the importance of strengthening economic ties between Brazil and the PALOPs, saying, “Brazil and the Portuguese-speaking African countries share strong historical, cultural and social ties, and we need to work to strengthen economic ties through more investments, trade and cooperation.”
Dr. Akinwumi Adesina expressed the Compact's goal of supporting the private sector's inclusive and sustainable growth in African Portuguese-speaking nations, stating, “We want to support the inclusive and sustainable growth of the private sector in the Portuguese-speaking countries in Africa.”
Adesina commended Brazil for joining the initiative, noting that it would enhance South-South Cooperation and deepen economic and political ties with African countries. He mentioned, “Your joining the Lusophone Compact is a further testament to Brazil’s strategy to deepen economic and political ties with African countries.”
The Brazilian delegation's visit also included meetings with senior government officials and industry representatives to explore areas of cooperation and partnership. Adesina was inspired by Brazil's commitment to Africa, stating, “Brazil engages Africa with its heart. Brazil respects Africa, it shares with Africa and believes in Africa.”
Under the Lusophone Compact Framework, the African Development Bank has approved significant investments to support projects in energy, transport, and enterprise development in the PALOPs, demonstrating a commitment to fostering economic growth and development in the region.
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