World Bank grants US$53 million loan to Cape Verde for energy projects

6 February 2012

Praia, Cape Verde, 6 Feb – The Cape Verdean government has taken on a loan of US$53 million from the World Bank to fund projects that will put an end to energy constraints on the archipelago.

The projects are expected to be concluded at the end of 2013 or, at the latest, the beginning of 2014, and the Cape Verdean government will provide an additional US$5 million to the funding.

The Cape Verdean Finance Minister, Cristina Duarte, said that most of the overall funding of US$58 million would be used to improve the power grid across the country. This project is expected to cost US$42.5 million. (macauhub)