French agency opens 10 million-euro credit line to Cape Verdean municipalities

15 October 2009

Praia, Cape Verde, 15 Oct – France’s Development Agency (AFD) Wednesday launched a tender to provide 10 million euros to the 22 Cape Verdean municipalities that require funding for investment projects.

According to a statement from the National Association of Cape Verde Municipalities, the French Agency for Development noted that the credit line, provided by Paris in June, was available via the four biggest banks operating on the archipelago – Comercial do Atlântico (BCA), Cabo-Verdiano de Negócios (BCN), Interatlântico (BI) and Caixa Económica de Cabo Verde (CECV).

The National Association of Cape Verde Municipalities has also been granted funding from the French Development Agency to fund technical assistance projects for Cape Verdean people, in order to help them obtain bank loans.

The support from the AFD to the Municipali8ties Association also includes organising and supervising training activities for councillors, municipal technicians, National Association of Cape Verde Municipalities staff and, if necessary, the banks and follow up and evaluation of the project. (macauhub)