The African Development Bank (AfDB) has donated US$7 million to São Tomé and Príncipe to support the General State Budget for 2020, announced on Wednesday the São Tomé Minister of Planning, Finance and the Blue Economy, Osvaldo dos Santos Vaz.
The donation agreement was signed in Abidjan (Côte d’Ivoire) by minister Osvaldo dos Santos Vaz and the vice-president of the African Development Bank, Sherif Khaled.
The São Tomé minister, quoted by the STP-Press news agency, said both parties considered the agreement “historic” as it is the first time that the African Development Bank has provided direct financial support to the general budget of the state of São Tomé and Príncipe.
The agreement now signed had been approved by the Board of Directors of the AfDB on 8 January, as part of the current economic and financial programme between the parties.
This financial donation follows another one of US$5 million released in the last few hours of December 2019 by the World Bank, also to support the São Tomé State Budget, which contains expenditure in the equivalent of US$159 million.