ERHC Energy Inc (ERHE)

[RubyMartin]

Sao Tome and Principe: United States supports archipelago’s economy [ 2007-11-12 ]


Sao Tome, Sao Tome and Principe, 12 Nov – The United States and Sao Tome and Principe Friday in Sao Tome signed a memorandum of understanding within the scope of the US Millennium Challenge Account program worth an estimated US$8.6 million.

The document was signed by the deputy prime minister of Sao Tome and Principe, Maria Tébus Torres, who is also the minister for Planning and Finance, and by the US secretary of state for the treasury, Larry McDonald.

The US government representative said that the funding was essentially for improving tax policy indicators, modernizing tax and customs services as well as encouraging investment through “simplification and speeding up” of procedures to register a company.

The MCC is a body of the United States government aimed at supporting some poor countries, based on pre-set criteria and with a view to sustainable development through investments in education, health, infrastructures, industry, agriculture and fishing.

As well as the social sector and construction and repair of infrastructures, the USA also cooperates with the archipelago in the defense sector via technical assistance and training for the military, particularly those in the navy. (macauhub)