World Bank grants US$15 million to Cape Verde to fight poverty

29 December 2009

Praia, Cape Verde, 29 Dec – The World Bank said Monday it had approved a loan of US$15 million for development programmes and to reduce poverty in Cape Verde.

According to the director for World Bank Operations in Cape Verde, Habib Fetini, the decision was part of the World Bank’s commitment to supporting the Cape Verdean government’s efforts to promote growth and reduce poverty.

The World Bank said that the loan would contribute to improving the country’s investment climate through lower taxes, reducing administrative obstacles, boosting professional training adapted to the needs of employers and greater integration with international markets.

The loan will also serve to maintain macroeconomic stability, increase efficiency, transparency in the use of public resources and improvement of their operation.

According to World Bank economist, Jose Guilherme Reis, the loan provided to Cape Verde is the first of a new series of three operations to support the application of the Government’s poverty reduction strategy. (macauhub)