The African Development Bank (AfDB) has granted a loan of €20 million to Cabo Verde to finance the second phase of the programme for the competitiveness of the Private Sector and Local Economic Development (PSC-LED II), the AfDB said in a statement.
The Cabo Verde government said that the PSC-LED aims to “ensure inclusive and sustainable growth and diversification of the economy,” with special focus on the private sector on national and local entities,” taking into account, “their potential contribution” to the economy.
Some of the specific initiatives of the PSC-LED II are to promote a competitive environment by revising the Commercial Code, drafting legislation for insolvency proceedings and a strategy for the transition from the informal sector to the formal sector.
The statement from the African Development Bank said its partners in this project include the World Bank and the European Union, as well as the governments of Luxembourg and Portugal. (macauhub)