São Tomé and Principe. In January, the European Union (EU) and São Tomé and Príncipe signed a cooperation agreement that will give the island the nation € 6.7 million over four years. The money will be used to develop the country’s agriculture. Investments in primarily commercial cultivation of cocoa, coffee and pepper are expected to result in increased export earnings. Cocoa is already the country’s most important export product by far.
According to Countryaah.com, São Tomé and Príncipe have found oil resources in the sea for about two decades, but no recovery has yet begun. In October, the National Petroleum Agency stated that it was accepting bids from stakeholders willing to look for oil deposits in two new sections of the country’s territorial waters.