In 2019, IFC and SOFID, the Portuguese development finance institution, signed a Memorandum of Understanding (MoU) to support sustainable tourism investments in emerging markets as an engine for growth and job creation in Lusophone African countries, with an initial focus on São Tomé e Príncipe. IFC signed an MoU with the Portuguese Ministry of Finance in 2015 to reinforce cooperation and promote the financing of investment projects by Portuguese companies in emerging markets. In 2021, IFC became the first institutional partner to the Lusophone Compact, a partnership between Africa Development Bank, Portugal and six Portuguese-speaking countries of Africa. The Lusophone Compact promotes private sector development by providing risk mitigation, financing instruments, and technical assistance to encourage businesses in member countries. Its goals are closely aligned with IFC's Creating Markets strategy to unlock opportunities for private sector investment through private sector diagnostic work, risk mitigation and financing of viable projects.