Millennium Challenge Corporation praises Cape Verdean government’s management

4 February 2010

Praia, Cape Verde, 4 Feb – The Chief executive of the Millennium Challenge Corporation (MCC), Wednesday in Praia praised the Cape Verdean government for its exemplary management of the funding provided by the US development institution.

Daniel Yohannes, who arrived in Cape Verde on Wednesday for a two-day visit said that the execution of the 1st Compact, which ends on 31 December of this year, was a 2success” and that, given the results achieved, he would analyse the possibility of a 2nd Compact with the local authorities.

“I’d like to note the efforts of the Cape Verdean government in managing the US$116 million in funds to achieve completely the initial aims of the Compact,” he said, also noting the support of the Millennium Challenge Account/Cabo Verde (MCA/CV).

Noting that Cape Verde was the first country to be selected by the MCC Board for a 2nd Compact, Yohannes said that he was in Praia to analyse the new proposals for the next financial aid package, which the Cape Verdean government has said it hopes to sign by next October.

Yohannes, who is accompanied by a delegation of three MCC members, will meet with several members of the Cape Verdean government – prime minister and ministers for foreign affairs, state reform and finance – and visit some of the projects underway within the 1st Compact framework.

As at 31 December, 2009, MCA/CV had paid out US$67.8 million of the US$100.8 million covered by the 1st Compact signed with the United States in 2005, which last year was boosted by US$15.2 million for use in programmes already underway.

Agriculture, agricultural facilities, creation of several production and environmental and water management centres, water distribution and storage, soil preservation, information about market prices and access to credit, financial analyses and training are some of the projects funded by MCA/Cabo Verde. (macauhub)