ADB grants loan for economic development in Cabo Verde

30 November 2015

The African Development Bank (ADB) granted a loan of 15 million euros to Cabo Verde (Cape Verde) to finance the first phase of the Programme to Support Economic Growth (PACE I-), the ADB said in a statement issued Friday.

In the document, the ADB said “PACE-I is the first of two operations that make up (a package of) programmatic budget support, which covers the financial years 2015 and 2016 with an overall indicative amount of funding of 30 million euros.”

The loan is intended to “improve aid predictability, facilitate alignment with national development policies to create conditions for sustained, sustainable and inclusive growth”, added the ADB, noting that “PACE-I is in line with planned poverty reduction include in the Growth Strategy Paper for 2012 to 2016. ”

“The programme aims to improve the management of public investments and property, increasing the number of projects involving public-private partnerships (…) increase credit to the private sector, improve the average time to export and import and increase the number of new companies created”, concluded the ADB in the statement. (macauhub/CV)