afdb to grant US$1Billion to Cape Verde's private sector
Source: Afrique en ligne (Original Article)
Praia, Cap Verde - The new Administrator of the African Development Bank (AfDB) for Cape Verde, Fredéric Korsaga, announced in Praia on Thursday that the bank would grant US$1billion to the country in 2008 to fund private sector projects.
Korsaga, who was speaking after meeting Cape Verde President, Pedro Pires, said he would soon tour the Archipelago to identify areas to be funded.
AfDB, which has invested in several sectors in Cape Verde, is currently negotiating with Cape Verde officials for funds for an integrated energy project for Santiago Island, the largest and most populous in the Archipelago.
The project is aimed at reinforcing the production capacity of the Palmarejo power station in Praia and facilitating the energy integration of Santiago into a high tension network.
Korsaga said the project would have an impact on the island’s population and improvement of economic conditions in the country, which has recently been deeply affected by a serious energy that has caused power cuts in several areas, particularly in the capital, Praia.
Praia - 16/11/2007
Panapress