Cape Verde: Saudi Fund for Development finances construction of ring road on Fogo Island

6 May 2009

Praia, Cape Verde, 6 May – The Saudi Fund for Development (SFD) plans to provide Cape Verde with a US$10 million loan to help build a ring road on Fogo Island, according to the PANA news agency.

The ring road project, which will link the three municipalities on the island, has a total estimated cost of US$36.13 million, which will also be financed by the Arab Bank for Economic Development of Africa (BADEA), and by the Cape Verdean government.

The OPEC (Organisation of Petroleum Exporting Countries) Fund for International Development (OFID) and Sociedade Financeira Internacional (SFI) are also involved in funding the project.

The project icnludes over 80 kilometres of roads, most of which with na asphalted 7-metre wide layer, but which in some places will keep the traditional cobblestones.

The concession agreement for this funding is due to be signed Friday during a visit by an SDFD mission to the archipelago to meet with the Cape Verdean authorities. (macauhub)