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Akinwumi Adesina, the President of the African Development Bank (AfDB) is in São Tomé and Príncipe for a five-day official visit to strengthen alliances between AfDB and this island nation with a fragile economy.

 

So far, the President of the AfDB launched the Payment System Infrastructure (PSI), to help promote a competitive financial sector.

 

During the launch, Dr Akinwumi Adesina said:

“The payment system project launched today will have considerable development impact for São Tomé. An upgraded payment system infrastructure allows for and promotes interconnectivity with international credit cards such as Visa and MasterCard.”

 

Adding:

“This, in turn, will help the country to position itself for what could be a genuine gold rush in the form of the tourist trade, as well as the longer term and more sustainable benefits of increasing regional and international trade, vital for island economies. It will also enhance private-sector growth through easier financial management conditions for enterprises, especially small and medium-sized enterprises.”

 

Américo dos Ramos, the Minister of Finance, Trade and Blue Economy, who is also the country’s Governor at the African Development Bank, said:
“We must meet the demands of our dynamic and ever-growing economy and our transformation agenda requires improvement of our financial platform to facilitate national and international financial transactions.”
Patrice Emery Trovoada, the Prime Minister of  São Tomé and Príncipe said:

“Despite the many achievements of the government, we continue to face challenges in this country.”

 

“Improvement of airport infrastructure, which has allowed for an increase in the number of tourists, and port management are the key pillars of economic development,” he said.