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Lisbon, November 21, 2019— IFC, a member of the World Bank Group, and SOFID, the Portuguese development finance institution, have agreed to work together to support sustainable tourism investments in emerging markets as an engine for growth and job creation.
Under a Memorandum of Understanding (MoU) announced during the Multilateral Days in Lisbon, Portugal, IFC and SOFID plan to explore private sector opportunities for investments in sustainable tourism projects in Lusophone African countries, with an initial focus on São Tomé e Príncipe.
The MoU builds on the REVIVE program, which was launched by the Portuguese government to promote the restoration and use for tourism purposes of state-owned real estate properties in Portugal that have an architectural, heritage, historical and cultural interest. The REVIVE program, which aims to crowd in private investments to restore such real estate properties, has been extended to include countries in Lusophone Africa.
“SOFID supports a number of tourism-related projects”, said Marta Mariz, CEO of SOFID. “We believe in the impact of this sector, particularly on job creation and on the promotion of the local supply chain. REVIVE is an opportunity to combine this impact with the preservation of the historical and cultural heritage of the Lusophone African Countries. We are therefore very pleased with this agreement”.
“We are excited to deepen our relationship with SOFID to support private investments in emerging markets,” said Sérgio Pimenta, IFC Vice President for the Middle East and Africa. “Tourism can deliver significant development impact: It is the second largest job creator globally and can improve inclusion and employment and generate significant tax revenues for governments.”
SOFID is the development finance institution of the Portuguese state, with a mandate to contribute to the inclusive and sustainable private sector development projects of the countries with less developed economies, linked with the general strategy of the Portuguese cooperation. SOFID focuses its effort on financing solid internationalization projects.
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities where they are needed most. In fiscal year 2019, we delivered more than $19 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit
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