The Business Confederation of the Community of Portuguese Language Countries (CPLP, in its Portuguese acronym) is considering transforming itself into a Development Bank, said the institution’s chairman Salimo Abdula, quoted by Portuguese news agency Lusa.

Mr Abdula said the move could help connect banks within the CPLP bloc and assist initiatives supporting Portuguese-speaking businesspeople.

“This means that with the mineral resources we have in our countries, we can generate a lot of business; many companies; create jobs; and facilitate circulation within our market,” said Mr Abdula.

He was elected chairman of CPLP’s Business Confederation at the general meeting held this week in Cape Verde.

Mr Abdula said the whole community is giving “substantial steps” in improving the business and investment environment in Portuguese-speaking Countries. The most important however is to establish the necessary conditions for the CPLP to have the potential to offer great development opportunities globally, he added.