The African Development Bank (AfDB) and the International Finance Corporation (IFC) are partnering to advance economic development in Portuguese-speaking African countries. The two structures signed a partnership agreement on Wednesday, December 1, 2021.

The agreement signed by AfDB Vice President for Business Services and Human Resources and Chairman of the Lusophone Pact Steering Committee, Dr. Mateus Magala and IFC Regional Vice President for Africa, Sérgio Pimenta is a remarkable step for accelerated private sector development and regional integration. This partnership admits IFC as the first institutional partner of the Development Finance Compact for Portuguese-Speaking Countries in Africa, or Lusophone Pact. According to the AfDB, joining the Lusophone Pact is based on two main principles: support for the initiative's objective of accelerating inclusive private sector growth and promoting regional integration of Lusophone countries in Africa, and the provision of specific value-added contributions aligned with the anchor points of the initiative.

Membership and partnership in the Lusophone Pact is open to Lusophone regional and non-regional member countries of the African Development Bank; regional economic committees; development finance institutions; investment banks; commercial banks; institutional investors such as pension funds; sovereign wealth funds; and other private institutions, foundations, non-governmental organizations and institutions providing technical assistance.