Japan loans US$150 million to Cabo Verde for water supply project

12 March 2014

Japan’s International Cooperation Agency has granted a loan to Cabo Verde (Cape Verde) for implementation of a project to develop a water supply system on Santiago Island, the island country’s press reports.

The agreement covering the loan of nearly 12 billion Cabo Verdean escudos (US$150 million) was signed on 20 December 2013 but only now formalised by publication in the official gazette.

The project will be carried out by the Ministry of the Environment, Housing and Territorial Planning. One of the agreement’s clauses envisages that if the amount granted is not enough to finish the work then the Japanese agency will guarantee more funds.

The Cape Verdean government in turn committed itself to submitting regular progress reports until completion of the work, which should increase water supply capacity on Santiago Island, the project’s main goal. (macauhub)