Cape Verde: African and Japanese banks fund construction of power plant on Santiago island

7 April 2008

Praia, Cape Verde, 7 April – The government of Cape Verde Friday signed a financing agreement with the African Development Bank (ADB) for around 15 percent of the construction project of a power plant on the island of Santiago.

The project is to build the power plant and the electricity supply network on Santiago, which are expected to resolve the island’s energy crisis.

The project is co-financed by the Japan Bank for International Cooperation (JBIC), which ahs already provided 76.8 percent of its total cost, by the ADB with 14.76 percent and by the Cape Verde government, with 8.44 percent.

the project is expected to cost US$5.7 million.

Cape Verde’s minister for the Economy, Growth and Competition, José Brito said that the project, “as well as improving the electricity supply to the whole island, will also provide a boost to production capacity.”

Santiago island, or more precisely the city of Praia over the last few years has suffered several losses due to a poor electricity supply, which is the responsibility of electricity company Electra. (macauhub)