Sal Island in Cape Verde became the center of economic dialogue this week as it hosted the Lusophone Africa Investment Forum, an event organized by the International Finance Corporation (IFC) to strengthen investment and partnerships in Portuguese-speaking African countries (PALOP). The forum brought together government officials, business leaders, and international partners to discuss strategies for accelerating private sector-driven growth across the region.
A Tribute to Sérgio Pimenta
One of the key moments of the forum was the recognition of Sérgio Pimenta, IFC’s Regional Vice President for Africa, who received the Medal of Professional Merit from the Cape Verdean government. Prime Minister Ulisses Correia e Silva presented the award, stating, “This is an honor bestowed by Cape Verde, but it belongs to all Lusophone African countries.”
Visibly moved, Pimenta expressed gratitude, reflecting on his deep connection with the region. This forum marks his final event in the role, after overseeing $17 billion in investments and leading a team of 800 professionals since assuming the position in 2017. His career has spanned multiple regions, including Asia-Pacific, the Middle East, and North Africa.
The Private Sector as a Catalyst for Development
At the opening of the forum, Pimenta underscored the critical role of private investment in overcoming Africa’s economic challenges. “Africa has been vulnerable to external shocks, high fiscal burdens, and widespread poverty. The private sector must play an even more fundamental role in the development process,” he stated.
Prime Minister Correia e Silva echoed this sentiment, emphasizing that collaboration between governments and businesses is key to sustainable economic growth. Discussions focused on innovation, tourism, agribusiness, and energy transition, identified as priority sectors for job creation and poverty reduction.
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Investment Commitments and Business Expansion
Leading companies in Lusophone Africa used the forum to announce major investment plans. Carlos Mota Santos, CEO of Mota Engil, revealed that the construction giant recently secured $200 million in financing from the IFC for expansion over the next four years. “Africa represents €2 billion of our revenue, and more than half of that comes from Lusophone Africa,” he noted.
Similarly, Diogo Caldas, CEO of Refriango, shared that the Angolan beverage producer is in advanced discussions with the IFC to support its expansion into new African markets. “We are considering establishing production units in other countries,” he stated.
Executives from sectors such as tourism, renewable energy, transportation, and technology expressed similar ambitions, eager to forge international partnerships that can fuel their growth across the continent.
A Platform for Economic Transformation
With 300 participants from across Africa, including high-level government officials from Angola, Guinea-Bissau, and Mozambique, the Lusophone Africa Investment Forum positioned itself as a crucial platform for business networking and investment promotion.
The IFC reaffirmed its commitment to supporting private sector growth, presenting a range of financial tools and investment solutions to potential investors. By facilitating strategic collaborations, the forum set the stage for greater economic integration and sustainable development across Lusophone Africa.
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