AfBD President Reaffirms Support for Cape Verde on First Official Visit

28 April 2010
Content from a Premium Partner
African Development Bank (Abidjan)
press release

On his first official visit to Cape Verde from 27-30 April 2010, the African Development Bank (AfDB) Group President, Donald Kaberuka, commended the country on being "the first case of a policy induced graduation" from low- to middle-income status.

Mr. Kaberuka reaffirmed the Bank's support for Cape Verde's development strategies.

AfDB currently supports projects that will strengthen public finance management, government modernization efforts, and improve the business climate and the economy's competitiveness. The Bank also contributes to infrastructure development, targeting transport, energy and water resources mobilization.

"We would like to thank the African Development Bank Group for upgrading Cape Verde to Middle Income Country status, which qualifies us to AfDB non-concessional resources and ADF concessional resources. The Bank realized, quite perceptively, that Cape Verde was at a turning point regarding its growth strategy and the qualitative change it needed, and it took action to upgrade the country," said Cristina Duarte, Cape Verde Finance Minister.

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 (€110.38 million). At the same time, the country will gain full access to the current balance of UA 7 million from ADF XI (€7.88 million).

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

Mr Kaberuka and his delegation are holding meetings with Cape Verde officials as well as visiting major projects being carried out in the country, such as the Santiago Single Power Plant Project, the Data Center and the International Airport of Praia.

Contacts

Yolanda Nunes Correia

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

Tagged:
Copyright © 2010 African Development Bank. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 500 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.