Saudi Arabia and Arab bank to partially fund construction of road on Fogo Island, Cape Verde

13 October 2010

Praia, Cape Verde, 13 Oct – The Saudi Development Fund and the Arab Bank for Economic Development of Africa (BADEA) are to fund part of the construction of a ring road on Fogo Island, the Cape Verdean press reported.

The road, which is around 80 kilometres long, and expected to cost US$36.13 million will be 60-percent funded by the two institutions and 40 percent by the Cape Verdean government, via the Treasury, and is due for conclusion within 24 months.

The road will link the three council areas of “volcano island” – São Filipe, Mosteiros and Santa Catarina – and is a longstanding wish of the local population of around 37,051 inhabitants (7.5 percent of the population) according to a recent census (June of this year).

Promotion of tourism on Fogo, specifically focused on the Pico volcano, the only active volcano on the archipelago – the most recent eruption was in 1995 – is one of the aims of this project. (macauhub)