Cape Verde: African Development Bank funds fight against poverty on the archipelago

8 January 2009

Praia, Cape Verde, 8 Aug – The African Development Bank (ADB) Tuesday granted Cape Verde a loan of US$7.4 million to fund its second programme to reduce poverty on the archipelago.

In a statement, the ADB said that Cape Verde was on of the member-countries (of the ADB) that had seen notable economic successes, from 1997 until now, that it rate of poverty had fallen from 37 percent in 2001/02, to 27 percent in 2007, and that the country was expected to achieve its Millennium Development Goals set by the United Nations, by 2015, and would be one of the few countries in Africa to do so.

Cape Verde’s “main success factors”, according to the ADB, are the “ existence of a clear vision” in its economic transformation strategy, “good governance” and normal functioning of democratic institutions, macroeconomic stability and strong growth, “prudent and rational” use of resources and “appropriation of the development process.”

The ADB currently supports five projects in Cape Verde.

Since it began providing funding, the ADB has provided Cape Verde with a total of US$182 million to fund 38 projects. (macauhub)