Sao Tome and Principe becomes IFC member

The West African nation of Sao Tome and Principe has been accepted as the IFC’s 180th member country.

The country’s minister of planning and finance, Angela Maria da Graca Viegas Santiago, and Lars Thunell, executive vice-president and CEO of the IFC, signed the articles of agreement on October 11 during the World Bank Group and IMF annual meetings.

“We look forward to being a partner with Sao Tome and Principe to further support private sector growth in Sub-Saharan Africa and create more opportunities for Africans,” Thunell said during the signing ceremony.

“I encourage Sao Tome and Principe to draw on IFC’s ability to link small businesses to large investment projects and ensure environmental and social sustainability of projects related to natural resource development in your country,” he added.

Member countries provide IFC’s share capital and collectively determine its policies.Supporting development in Sub-Saharan Africa is one of IFC’s key strategic priorities given the region’s high number of low-income countries.