Board of Directors of the African Development Bank recently validated €20 million loan to rejuvenate the private sector’s role in Cape Verde’s economic growth. The present tranche of loan will supplement the second phase of the Private Sector Competitiveness and Local Economic Development Programme (PSC-LED-II). The programme is aimed at helping the country to boost its reform process, overall economic activities, increase competition and importantly to integrate its informal sector with the formal one.
The African Development Bank project will be supported by the World Bank and the European Union, as well as the governments of Luxembourg and Portugal. It may be noted that the country has successfully completed the first phase of its development program with the help from the African Development Bank and has helped the country for the second tranche of loan.
An agreement for loan was signed at the Bank’s headquarters between Marie-Laure Akin-Olugbade, the Bank’s Director General for West Africa and the Ambassador of Cabo Verde in Senegal, Felino de Carvalho.
