Bissau: The Lusophone Compact Secretariat recently engaged with leaders from the Community of Portuguese-Speaking Countries (CPLP) during their 15th Summit and economic forum held in Bissau, Guinea-Bissau. The meetings, which took place from July 15-18, served as a strategic platform to highlight the Lusophone Compact's role in attracting private financing to accelerate sustainable economic development in African member countries.

According to African Press Organization, the Lusophone Compact is an initiative by the African Development Bank in partnership with the Governments of Portugal and Brazil. It 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 projected for 2024, the CPLP holds significant potential for trade, investment, and inclusive economic transformation.

The Compact aims to promote inclusive private sector development, mobilize blended finance and technical assistance, strengthen economic resilience and regional integration, and align with national development priorities and the CPLP's economic agenda.

Guinea-Bissau, the host country, 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 notable achievement of the Compact 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. This project supplies over 20 percent of Cabo Verde's electricity, reduces thousands of tons of CO2 emissions 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 explore new avenues for economic growth, the Lusophone Compact provides a robust mechanism for mobilizing private sector capital, fostering regional cooperation, and advancing shared development objectives.