Cabo Verde approves loan agreement with Arab bank

27 August 2015

The government of Cabo Verde (Cape Verde) has approved a US$12 million loan agreement with the Arab Bank for Economic Development in Africa (BADEA), indicates a 19 August decree now published in the official gazette.

The loan is meant to finance a drinking water supply and sanitation project in outlying districts of the capital city Praia, reports the Cabo Verdean newspaper A Semana.

The project should improve sanitation and drinking water distribution in those areas with a view to achieving better public health and standards of living for residents, besides protecting the environment and contributing to the fight against poverty.

The decree published in the official gazette indicates that the government should use the loan in compliance with requisites and conditions envisaged in the Loan Agreement for the National Sanitation and Potable Water Supply Programme.

The loan granted by the BADEA has a 20-year amortisation period and an 8-year grace period. (Macauhub/CV)