EU announces €50 million in support for Cape Verde economic revitalization

On October 17, 2016, the European Union (EU) announced €50 million in support for Cape Verde‘s economic growth and poverty reduction.

Commissioner for International Cooperation and Development, Neven Mimica, and Cape Verde’s Minister for Foreign Affairs and Communities, Mr. Luís Felipe Tavares, signed an agreement which will provide €50 million to Cape Verde. The signature took place in the presence of European Commission President Jean-Claude Juncker and the President of Cape Verde José Ulisses de Pina Correia e Silva.

The €50 million over the period 2014-2020 for Cape Verde will focus on two areas:

  1. Supporting the government’s efforts in poverty reduction, in line with the Sustainable Development Goals, and promoting sustainable growth through the government’s implementation of reforms leading to a more competitive economy and a better business climate in Cape Verde.
  2. Strengthening the special partnership between the EU and Cape Verde, which includes six priority sectors: governance, security, information society, regional integration, normative and technical convergence and fight against poverty. A special focus will be given to the implementation of the Cape Verde Stability and Security Action Plan

Cape Verde became a middle-income country in 2007. Yet it faces major challenges, including lack of natural resources and vulnerability to external shocks. Since November 2007, relations between the EU and Cape Verde are governed by the EU-Cape Verde Special Partnership. It focuses on cooperation at a political level and on security, regional integration, knowledge-based society and poverty alleviation.

Cape Verde has made significant efforts in implementing robust foundations for the Sustainable Development Goals. The 11th European Development Fund National Indicative Programme will support Cape Verde’s efforts in eradicating poverty as well as promoting sustainable and inclusive growth, fostering domestic accountability, strengthening national control mechanisms, improving basic services delivery, and contributing to its competiveness and private sector development.

Ahead of the signature, Commissioner Mimica said: “The EU will continue to support Cape Verde’s government in tackling their challenges, to reduce poverty, make their economy more competitive and strengthen their relationship with the European Union. We have a special partnership with Cape Verde, which is based on the history of our continued support and on our shared values. The signature of the new €50 million financing agreement for good governance and development illustrates the EU’s ongoing commitment.

Photo credit: Adobe Stock

See original EU release.

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