Portugal and Cape Verde sign cooperation agreement valued at over 13 million euros

4 April 2007

Praia, Cape Verde, 4 April – Portugal Tuesday signed its cooperation plan for this year with Cape Verde, of a total value of 13.425 million euros, for use in areas such as education, health and fighting poverty, officials said in Praia.

With this funding, Cap Verde will conclude projects that are already underway and start others, such as the construction of a dialysis center and financing of masters degrees.

The Plan, the Cape Verdean Foreign Affair Ministry said, was base don the Indicative Cooperation program (PIC) for 2005-2007, which was signed with Portugal on December 30, 2004.

The PIC is a working instrument that frames cooperation between the two countries, aiming to adapt Cape Verde’s development options with Portugal’s strategy and priority in terms of cooperation policies.

Along with cooperation between the two countries, Portuguese investment in Cape Verde has also seen an increase, according to figures from the Bank of Portugal.

Last year Portuguese investment in Cape Verde rose 30 percent to 14.8 million euros, the highest level in recent years.

The archipelago had been the target of Portuguese investment mainly in the financial sector – Banco Espírito Santo, Banif, Crédito Agrícola, amongst others – and in real estate and tourism. (macauhub)