Cape Verde to Receive Development Funds

  • 15 years ago
  • Uncategorized

The African Development Bank (ADB) recently announced that it was providing US$287 million in funding over the next three years to Cape Verde. This investment will go towards developing the country’s infrastructure, according to an announcement from Cape Verde’s ambassador to Portugal, Arnadlo Andrade.


“The ADB’s announcement of a US$287 million programme for the next three years means significant support for Cape Verde in terms of the options made in its development strategy and infrastructure options. This is a good sign because it gives all the partners confidence to continue focusing on the country,” the ambassador said.


The announcement for ADB investment comes on the heels of aid that was recently granted by Portugal and Austria. Portugal provides direct budgetary aid to the country and will provide 7 million euros between 2008 and 2011. Austria’s Finance Minister Cristina Duarte recently announced an accord to provide 4 million euros in aid to Cape Verde. This money is aimed at implementing the country’s environmental policy, according to the announcement.


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