The Lusophone Compact Secretariat last week engaged with leaders of the Community of Portuguese-Speaking Countries (CPLP) at their 15th Summit and economic forum in Bissau, Guinea-Bissau. The July 15-18 meetings provided a strategic platform to showcase the Lusophone Compact’s role in attracting private financing to accelerate sustainable economic development in African member countries. 

An initiative by the African Development Bank in partnership with the Governments of Portugal and Brazil, the Lusophone Compact supports private sector investment in the six African member states of the CPLP: Angola, Cabo Verde, Guinea-Bissau, Mozambique, São Tomé and Príncipe, and Equatorial Guinea. Representing a community of more than 300 million people across four continents, with a combined GDP of $2.3 trillion in 2024, the CPLP holds immense potential for trade, investment, and inclusive economic transformation. 

Compact objectives are: promoting inclusive private sector development, mobilizing blended finance and technical assistance, strengthening economic resilience and regional integration, and aligning with national development priorities and the CPLP's economic agenda. 

During the summit, officials of the Lusophone Compact secretariat participated in high-level policy dialogues on food security, technology, and sustainability, which align with the thematic focus of the summit under Guinea-Bissau’s rotating presidency. The Compact team also presented its suite of financing tools and eligibility criteria while supporting resource mobilization efforts in member countries. 

"The 15th CPLP Summit presented a unique opportunity to reinforce the strategic priorities of the Lusophone Compact, particularly in areas of food security, technology, and sustainability," said Neima Ferreira Coordinator of the Lusophone Compact at the African Development Bank. "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 growth and expressed strong interest in aligning the Compact's support mechanisms with its national development strategy. 

One of the Compact’s flagship achievements is the Cabeólica Project in Cabo Verde –  a large-scale public-private wind energy project, co-financed by the African Development Bank and the European Investment Bank. The project supplies more than 20 percent of Cabo Verde’s electricity, avoids the emission of thousands of tons of CO2 annually, and has created more than 150 local jobs. Cabeólica has become a benchmark for sustainable infrastructure and innovative finance in the region. 

As Portuguese-speaking countries seek new engines for economic growth, the Lusophone Compact offers a robust mechanism for mobilizing private sector capital, fostering regional cooperation, and advancing shared development objectives. 

Learn more about the Lusophone Compact here (https://apo-opa.co/44ZMHGt).