Cape Verde’s water and electricity company to be privatised

15 December 2010

Praia, Cape Verde, 15 Dec – Cape Verde’s electricity and water company, Electra is undergoing restructuring with a view to its being privatised in 2011, said Cape Verde’s prime minister, José Maria Neves, cited by the Cape Verdean press.

The prime minister said that negotiations were underway with a “large Cape Verdean company,” with the governments of some European and African countries and added that there were international financial institutions with serious interest in Electra’s privatisation.

Neves have assurances that the negotiation process was underway and that, for “ethical” reasons, the governments “will not privatise any company in the period after an election is scheduled.”

Meanwhile, the modernisation of the power distribution networks is expected to a one of the company’s priorities, as it is facing various problems due to the age of the grid, and significant investments are needed to solve these problems.

According to Neves funding of the modernisation project for the electricity grid is under negotiation with the Japanese government and financial institutions. (macauhub)