Cabo Verde takes on loan from AfDB to finance the State Budget

9 November 2017

The African Development Bank (AfDB) has granted a loan of 20 million euros to Cabo Verde (Cape Verde) to support the State Budget, and the loan agreement was signed on Monday in Abidjan, Ivory Coast, the AfDB said on Tuesday.

The loan agreement, intended to support the reform of state-owned enterprises and public investments, was signed by the ambassador of Cabo Verde in Dakar, Ignatius Rosa de Carvalho, and by the director general of the AfDB for West Africa, Janvier Litsé.

The loan, approved in October by the Board of Directors of the AfDB, aims to support the reform of state-owned enterprises and public investments as well as modernisation of the legislative and regulatory framework for public-private partnerships, improvement of the business environment, in addition to the promotion of entrepreneurial initiatives and the formalisation of the informal sector.

The AfDB’s portfolio in Cabo Verde on 31 October had 13 active projects in a total investment of US$114 million, including a public-private partnership with renewable energy company Cabeólica, valued at 15 million euros, expansion of Praia airport and the technological park project.

The African Development Bank, of which Cabo Verde is a member, is one of the country’s major financing partners and, since 1977, it has supported 66 projects, with loans and donations, with an estimated value of US$533 million. (macauhub)