The Japanese government has delivered a non-refundable grant of US $ 1.5 million (1.3 million euros) in building materials to the Sao Tome authorities, said the Japanese ambassador to Sao Tome.
“I want to provide non-refundable aid, in this case, a piece of construction material that has already arrived in São Tomé and I hope that these materials will be used for the benefit of the Sao Tome population,” said diplomat Masaaki Sato.
The materials will be delivered to the private sector for sale and the value will be converted into counterpart funds for investments in social works.
In the lot delivered by the ambassador of Japan, there are several types of building materials, electrical materials and solar panels, which will be sold by the private sector.
The Chamber of Commerce, Industry, Agriculture and Services selected four companies, which will sell these materials.
“Four companies were contemplated this time, we hope that the beneficiaries will now be able to comply with what is stipulated in the protocol between the Japanese Government and the São Toméan Government, so that, as long as they sell the materials, the other merchants will also benefit, “appealed the president of the Chamber of Commerce,
The executive believes that the Sao Tome private sector is “very weak and under-capitalized,” and the aid from the Japanese government comes as “an oxygen balloon to relaunch” the country’s various companies in this situation.
“It is a donation that comes to benefit the private sector and will leverage the country’s economy through the private sector, which we know is somewhat weakened, in other words, de-capitalized,” said Minister of Commerce, Industry and Tourism, Grace Lavres.