A popular holiday destination for British and Irish tourists, cape Verde’s appeal as an attractive and profitable investment location is being further boosted by business-friendly reforms and recent membership of the World Trade Organization (WTO).

Cape Verde’s success is attributed to Prime Minister Jose Maria Neves. His commitment to transparency and private sector growth has generated outstanding results and higher living standards. In addition to the advantages of WTO membership, the country benefits from special partnership status with European Union (E.U.)…

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Cape Verde to be awarded 2nd compact by the Millennium Challenge Corporation
 

The Millennium Challenge Corporation (MCC) board of Directors meeting of December 9 resulted in excellent news to Cape Verde: the country was selected to receive a second economic assistance program (compact) for the FY2010.

 

A successful relationship describes what Cape Verde has experienced with the MCC. The partnership began in 2005, when the first five-year compact was awarded to Cape Verde, in the amount of US$ 110,078,488, to be completed in 5 years ending in 2010. Importantly also is the pioneer nature of this partnership: in fact Cape Verde was one of the first countries in Africa and beyond to benefit from a Compact; it was the first to inaugurate a major infrastructure project financed under the Compact; and it is the first country to be eligible for a second Compact.

 

MCC requires countries to meet certain eligibility criteria in order to provide the economic assistance, which are measured via scorecard of economic, political, education and good governance indicators. In addition, to apply for a second compact, countries need to successfully implement the first compact.

 

Cape Verde was successful in meeting the eligibility criteria, even though at a transition time, when being upgraded from Less Developed Country (LDC) to the Middle Income Country (MIC) group meant that it would face tougher competition and more challenging standards.

 

The sound track record on implementation of the first Compact, is a strong signal that Cape Verde will also achieve successful completion of the program in 2010.   The second compact will solidify the good results achieved through the first and further enhance the partnership Cape Verde and MCC developed so far.

 

The selection of Cape Verde is recognition of the excellent work done by the Government of Cape Verde and all those involved in the implementation of the current Compact. It is also the recognition of the importance and role of the Cape Verdian Community in the United States and in fostering the relations between the two countries.

 

The government of Cape Verde understands and appreciates the value of receiving such reward for good performance and will continue with its strong commitment of good governance in managing the funds provided by the MCC and realizing the goal of fighting poverty through sustainable economic growth.