Cape Verdean government prepares projects for 2nd Millennium Challenge Account Compact

4 May 2011

Praia, Cape Verde, 4 May – Cape Verde’s Minister for Finance and Planning, Cristina Duarte Monday announced the launch of the phase of carrying out technical studies and profitability analyses of the projects to be presented to the Millennium Challenge Corporation (MCC) with a view to securing the 2nd Millennium Challenge Account (MCA) Compact.

The minister, who was speaking at the ceremony in honour of the outgoing director of the MCC in Cape Verde, Stahis Panagides, said that, so far the components had been identified and that all that was left to do was to carry out economic, social and financial analyses of the projects.

Cited by Cape Verdean news agency Inforpress, the minister noted that in order to be selected for the compacts projects had to meet profitability criteria, without which they would not even be considered.

At the beginning of January Cape Verde was considered to eligible for the 2nd MCA Compact and the government is confident that it will be secured taking into consideration the success of the first compact, which was concluded at the end of last year.

The areas earmarked to benefit from the second compact are: Water and sanitation, records to improve the security of asset transactions, the private sector and specialised higher education.

The archipelago has until September, 2011 to hand in all the documentation to the board of the MCC, and the result of its application is expected by the end of the year. (macauhub)