Cabo Verde obtains a loan to develop private sector

7 August 2018

The African Development Bank (AfDB) has granted a 40-million-euro loan to Cabo Verde for the private sector competitiveness programme and local economic development, with half to be made available this year and the other half in 2019, the Cabo Verdean government has announced.

An official statement indicates that the first half of the loan was the subject of an agreement signed in Abidjan, Côte d’Ivoire. Those 20 million euros will be used to help implement measures to improve the business environment and favour policies to promote local development by decentralisation and strengthening local power, in line with key objectives of the 2017-2021 Sustainable Development Strategy Plan.

The government stresses in the statement that one main goal is to strengthen competitiveness of the economy, “bearing in mind the nature of the Cabo Verdean economy – fragmented, without scale and relatively undiversified.”

“The declared goal is to change this situation by increasing and strengthening the capacity to generate local resources to boost sustainable development of the Cabo Verdean business fabric.”

The agreement was signed by Cabo Verde’s ambassador in Côte d’Ivoire, Felino Inácio Rosa de Carvalho, and by the AfDB’s director-general for West Africa, Marie-Laure Akin-Olugbade. (Macauhub)