Abidjan, Côte d'Ivoire, 2 August 2018 – the African Development Bank and Cabo Verde signed, on 2 August 2018 in Abidjan, a loan agreement of 40 million euros, aimed at reinvigorating the economy of this island country in West Africa.
This agreement provides for two-phase financing, at a rate of EUR 20 million each, in 2018 and then in 2019. This support supports the new strategic plan for sustainable development (2017-2021) of Cabo Verde, which is supported by the Bank through its programme to improve the competitiveness of the private sector and the development of the local economy.
"This programme aims to strengthen the contribution of the private sector and local entities to growth and job creation," said Marie-Laure akin-Olugbade, Director General of the Bank for West Africa. This goes through facilitating business practice and competitiveness, accelerating local development, and increasing the contribution of decentralization to growth. »
"The signing of this agreement is very important for consolidating the Cabo Verde economy. The competitiveness programme of the private sector and local development will place the growth of our country on a solid footing, "said Inácio Felino Rosa de Carvalho, Ambassador of Cabo Verde in Côte d'Ivoire.
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 mainly 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 take advantage of it for growth, job creation and poverty reduction.
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 sectors, Agriculture and governance.