Cape Verde’s finance minister in Portugal to sign credit line deal

29 January 2010

Praia, Cape Verde, 29 Jan – Cape Verde’s Finance Minister, Cristina Duarte is currently in Lisbon where she is due Friday to sign a credit line of 200 million euros for the construction of social housing, with her Portuguese counterpart Fernando Teixeira dos Santos.

The credit line was announced during a visit by Portugal’s prime minister, José Sócrates to Cape Verde in March 2009, which made it possible for the Cape Verdean authorities to draw up the Housing for All Programme, which plans to build 8,000 homes and rebuild a further 15,000 by 2011.

Headed up by the Cape Verdean Ministry for Decentralisation, Housing and Land Planning the programme is part of a more wide-ranging and ambitious plan to minimise the country’s housing problem, as a 2008 study showed it had a housing deficit of 80,368 accommodation units.

The “Housing for All” programme includes the implementation of several projects such as access to urbanised land for self building, cooperative initiatives, drawing up municipal master plans, as well as the housing programmes themselves.

The programme is expected to cost 17 billion Cape Verdean escudos (154 million euros), and the government is expected to contribute 1 billion escudos (9 million euros) each year for the national housing fund.

As well as Portugal, China has also announced it will finance construction of around 3,000 houses. (macauhub)