News
Cape Verde gets economic boost
Friday 16 May 2008
Cape Verde has received a boost to its economy as the World Bank announced that it will grant funding to the republic.
Cristina Duarte, Cape Verde finance minister, revealed on Monday (May 12th) that the World Bank would grant funding of 6.5 million euros.
The funds which will be provided in the second half of 2008 are part of a US$ 10 million annual package to run from 2008 to 2012.
The funds come as an annual report on the "Economic Prospects for Africa 2008" by the Organisation for Economic Co-operation and Development (OECD) forecast a growth rate of in Cape Verde from 6.6 per cent to 7.6 per cent.
Cape Verde is a former Portuguese colony and comprises ten islands and five islets, all but three of which are mountainous. The republic is about 500 km from the African mainland and as such it has a large number of endemic species.
Cristina Duarte, Cape Verde finance minister, revealed on Monday (May 12th) that the World Bank would grant funding of 6.5 million euros.
The funds which will be provided in the second half of 2008 are part of a US$ 10 million annual package to run from 2008 to 2012.
The funds come as an annual report on the "Economic Prospects for Africa 2008" by the Organisation for Economic Co-operation and Development (OECD) forecast a growth rate of in Cape Verde from 6.6 per cent to 7.6 per cent.
Cape Verde is a former Portuguese colony and comprises ten islands and five islets, all but three of which are mountainous. The republic is about 500 km from the African mainland and as such it has a large number of endemic species.
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