AfDB President Reaffirms Support for Cape Verde on First Official Visit

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Praia, 28 April 2010 - 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.

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