African Development Bank President on Official Visit to Cape Verde

23 April 2010
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African Development Bank (Abidjan)
press release

The African Development Bank (AfDB) Group President, Donald Kaberuka, will be on official visit to Cape Verde from 27-30 April 2010. The mission builds on the strong partnership between the country and the Bank. President Kaberuka will use the visit to reaffirm the Bank's continuous support to the country's economic efforts and its development projects.

As a result of its sound economic and social performance, Cape Verde has earned the status of a Middle Income Country. According to development experts, AfDB-funded projects, such as the construction of the Praia International Airport, have greatly contributed to the improvement of the country's infrastructure and competitiveness.

Being a Middle Income Country, Cape Verde now has access to both concessional and non-concessional resources of the Bank. As a blend borrower country, the sustainable ceiling of funding to which it is entitled from the AfDB for 2010-2013 is currently estimated at UA 98 million (around 110.38 million Euros). At the same time, the country will equally gain full access to the current balance of UA 7 million from ADF XI (around 7.88 million Euros).

The current Bank strategy addresses the country's ambitions and the impact of the financial crisis. The AfDB will help sustain the country's economic and financial gains by supporting projects that will strengthen public finance management, government modernization efforts, as well as improve the business climate and the economy's competitiveness. The Bank will equally contribute to infrastructure development, targeting transport, energy and water resources mobilization.

Cape Verde's active portfolio in the Bank comprises 5 operations amounting to UA 57.32 million (around 64.56 million Euros). Approximately 80% of this amount has been allocated to budget support and the remaining amount to infrastructure, rural and social sectors. Since 1977, the Bank has approved 39 operations for Cape Verde estimated at UA 164.28 million (around 185 million Euros).

During his visit, the AfDB President and his delegation will meet Cap-Verdean authorities and members of the international community based in the country, as well as visit major projects being carried out in the country.

Contacts

Yolanda Nunes Correia

Read the original article on African Development Bank (AfDB).

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