The African Development Bank and Cabo Verde signed, on August 2, 2018 in Abidjan, a loan agreement of 40 million euros, intended to revitalize the economy of this island country of West Africa.
This agreement provides for two phases of financing, in the amount of 20 million euros each, in 2018 and 2019. This support supports Cabo Verde’s new Strategic Plan for Sustainable Development (2017-2021), which the Bank supports in through its Program for Improving Private Sector Competitiveness and Local Economic Development.
“This program aims to strengthen the contribution of the private sector and local entities to growth and job creation,” said Marie-Laure Akin-Olugbade, Executive Director of the Bank for West Africa. This will facilitate business practice and competitiveness, accelerate local development, and increase the contribution of decentralization to growth. ”
“The signing of this agreement is very important for the consolidation of the Cabo-Verdean economy. The program of competitiveness of the private sector and local development will ensure the growth of our country on a solid basis, “responded Inácio Felino Rosa De Carvalho, ambassador of Cabo Verde in Ivory Coast.
This financial support should, according to the diplomat, lead to the improvement of the living conditions of his fellow citizens.
In this country, where economic activity is largely based on small businesses, the government has invested heavily in infrastructure in recent years, and the challenge now is to allow the private sector to benefit from it for growth, the creation of jobs and reducing poverty.
Very committed to Cabo Verde, the African Development Bank has an active portfolio of more than 85.4 million euros, with projects in the fields of energy, transport, water and sanitation as well as in the social, agricultural and governance sectors.