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Publish Date : 09-Nov-2017

The African Development Bank Group (AfDB) and the Government of Cape Verde signed, on Monday, November 6, 2017 in Abidjan, a loan agreement of 20 million euros to strengthen the country's economy, through the implementation of the Economic Growth Support Program (PACE II).

The loan agreement, which aims in particular to support the government's efforts to improve the governance of public enterprises and the public investment framework, was co-signed by the Cape Verde ambassador to Dakar Inacio Rosa de Carvalho and the Director General of the African Development Bank (ADB) for West Africa, January Litse.

Speaking on this occasion, Her Excellency Rosa de Carvalho, representing the Cape Verdean Minister of Finance, welcomed the quality of relations between the ADB and her country. "The excellent relationship between the AfDB and Cape Verde has resulted in the funding of several projects in vital sectors of our economy," he said.

Janvier Litse, meanwhile, expressed the availability of the ADB to remain with the Government of Cape Verde to meet the double challenge of cleaning up the management of public companies and help create the conditions for the emergence of a private sector more dynamic and competitive through strengthening inclusive entrepreneurship.

The loan agreement also aims at modernizing the legislative and regulatory framework on public-private partnerships (PPPs), improving the business environment and promoting entrepreneurship and formalizing informal sector activities. the basis of the National Strategy for the Transition from the Informal to the Formal Economy.

AfDB's portfolio of active projects in Cape Verde as of October 31, 2017 includes 13 national projects totaling nearly US $ 114 million (81.57 million Units of Account), including a project in the United States. energy sector, the extension and modernization project of Praia airport and the technology park project.

From 1977, the date of the beginning of its operations in Cape Verde, to date, the Bank has approved a total of 66 operations (loans and grants) for a cumulative amount of more than US $ 533 million, or approximately 379.85 millions of Units of account.

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