- The Portuguese development finance institution and the EU bank have signed a letter of intent for deepened cooperation focusing on the ACP region.
- The parties are working on a credit line specifically designed for on-lending by SOFID to small and medium-sized businesses.
The European Investment Bank and Sociedade para o Financiamento do Desenvolvimento (SOFID), the development finance institution owned by the Portuguese State (80%), announced today that they are working together to strengthen their collaboration on fostering investments in Portuguese-speaking countries. The institutions signed a letter of intent in Lisbon today to join forces with a view to increasing cooperation and concluding negotiations for a credit line to benefit small and medium-sized enterprises in Africa and the Pacific, which are underserved by the financial sector in the countries concerned. Portuguese SMEs and their subsidiaries in the targeted ACP countries are also eligible.
EIB Vice-President Emma Navarro commented: “The letter of intent that we signed today marks the deepening of cooperation between the EIB and SOFID. From the EIB’s perspective, partnering with SOFID means broadening and increasing our capacity to support the private sector in Africa and the Pacific, contributing to sustainable and inclusive economic growth and prosperity.”
CEO of SOFID Marta Mariz added: “The collaboration between SOFID and the EIB shows our commitment to provide the tools that SMEs’ need to invest and contribute to the sustainable development of ACP countries. We are delighted with this cooperation which also signals the new phase of SOFID as a mature development finance institution.”
EIB and SOFID collaboration is aimed at assisting private sector enterprises operating in the targeted countries by providing the long-term funding that is crucial for accelerating economic growth and generating productive jobs.