Following the texts and analyses on Macau’s role as a platform and the relevance of Forum Macau in China–Portuguese-speaking Countries (PSC) cooperation, this text focuses on the Cooperation and Development Fund (CPDFund). Created in 2013 with capital of US$1 billion and headquartered in Macau, the CPDFund aims to catalyse development through strategic investment.
Managed by the China Development Bank and the Macao Industrial and Commercial Development Fund, the CPDFund’s central objectives are to support projects that create jobs, promote technology transfer and develop infrastructure in sectors such as agriculture, industry and energy – in short, productive sectors. It also reinforces Macau’s role as a service platform and as a point of cultural and economic rapprochement.
Despite its potential, the Fund’s implementation reveals challenges. Information indicates a utilisation rate of 60% last year, across around 10 to 12 projects, representing just over half of the initial capital, which suggests an investment pace that could be more dynamic. The recent announcement of expansion to Timor-Leste is a positive step, but its relatively late implementation points to the need for greater momentum.
There is a clear concentration of investment in larger economies such as Angola, Brazil and Mozambique. While understandable, this approach leaves out smaller countries such as Cabo Verde, Guinea-Bissau and São Tomé and Príncipe, whose projects have so far not been covered and which could benefit greatly from greater attention and eligibility criteria better adapted to their specific realities.
The China-Africa Development Fund (CADFund), with around 100 projects in nearly 40 countries, could serve as an inspiration. This example demonstrates the transformative potential of a development-oriented financing mechanism. Its successful models can – and are certainly being – adapted to the PSC context, strengthening Macau’s role as a platform and replicating collaborative strategies to mitigate risks and maximise impact.
Forum Macau can and should be crucial in making the CPDFund more agile, transparent and inclusive. This could include publishing on its online portal the list of financed projects and simplified selection criteria. It is equally important to empower the smaller Portuguese-speaking countries by offering targeted technical assistance and support to their business communities. Encouraging joint ventures between companies from China, Macau and SMEs from Portuguese-speaking countries could generate broader and more balanced effects, while widening access to the Fund.
In short, the CPDFund can symbolise South-South cooperation. Its success will depend on its ability to adapt and innovate. With greater transparency and a stronger focus on including all Portuguese-speaking countries, the Fund can consolidate its role as a catalyst for sustainable development, strengthening the relationship between China and the Portuguese-speaking world. The “good pace of work” that is intended to be maintained in 2026 will be essential to making this vision a reality and ensuring that the Fund can truly become a transformative force in relations between China and the Portuguese-speaking world.
