World Bank grants Cape Verde US$10 million loan

20 March 2006

Praia, Cape Verde, 20 March – The World Bank is to grant Cape Verde a loan of US$10 million as part of its agreement to support the country’s state budget in 2006, Cape Verde’s finance ministry said Saturday.

The loan agreement is due to be signed Monday in Dakar by Cpe Verde’s Finance and public Administration minister, João Serra, and by World Bank representatives.

The Cape Verde delegation will also include Cape Verde’s ambassador to the US, José Brito, and representatives from the Planning and Treasury ministries.

Last year, Cape Verde received US$15 million from the World Bank, as support for the state budget.

The state budget support program began as part of a memorandum of understanding signed in 2004 with a group of partners including the European Union and the Netherlands. (macauhub)