The 2001 Annual Meetings of the African Development Bank (AfDB) Group in Lisbon provides an opportunity for Portugal to improve its relations with the Bank in particular and Africa in general, the executive Director of Portugal's exports and tourism promotion institute, Eurico Dias, has said.

Speaking at a seminar on "African business and financial opportunities", on 9 June in Lisbon, Mr. Dias said the private sector needs to use the momentum created by the event to explore new business opportunities in Africa.

Key participants at the seminar included AfDB director in charge of procurement and fiduciary services department, Ms Yacine Fal, and the manager of infrastructure finance division, Tas Anvaripour.

Mr. Dias described the AfDB as a Portugal's "unique partner" particularly at a time when the country is facing a challenging economic situation. "Portuguese private sector needs to boost its exports and diversify its investment in Africa, where its presence is already remarkable," he said.

He said the AfDB's multilateral instruments were critical in launching new projects with more efficiency, and urged Portuguese private entrepreneurs to seek AfDB's support and advice to initiate solid and secure business.

The partnership between the Bank Group with Portugal started in in 1981. To date both parties are cooperating in 15 projects amounting to U.S.$ 60 million.

Emphasizing that the Bank gives priority to sound economic and transparent contracts, Ms. Fall said the Bank focuses on the development of local industries.

For his part, Mr Anvaripour said private investment was essential to fill the investment gap in public resources in Africa, noting that the Bank was helping African governments to improve the enabling of environment for private entrepreneurs.

He presented the geographical distribution of some AfDB projects, their critical impact dimensions, the sector distribution objectives, the instruments, as well as the procedures that the private sector has to use to work with the institution (eligibility and appliance of the projects).

Concluding, the manager mentioned some of key AfDB private sector projects to include the Sendou Power Project in Senegal approved by the in 2009, a 55-million euros line of credit and a submarine optic fibber cable connection along the West African coast.

The optic fibber project, which the Bank launched with Main One Cable Company, through a U.S.$ 61 million loan in 2009 involves laying seven thousand kilometers cable between Seixal (a suburb of Lisbon) in Portugal, Accra in Ghana, and Lagos in Nigeria.