EU announces 50 million euros support to Cape Verde for growth, poverty reduction

The European Union (EU) made a commitment to provide 50 million euros (55 million U.S. dollars) to Cape Verde on Monday, to help the African country to reduce poverty and promote sustainable growth.

The EU Commissioner for International Cooperation and Development, Neven Mimica, and Cape Verde's Minister for Foreign Affairs and Communities, Luis Felipe Tavares, signed an agreement on the financial support in Brussels, with the presence of European Commission President Jean-Claude Juncker and the President of Cape Verde Jose Ulisses de Pina Correia e Silva.

According to a statement released by the European Commission, the 50 million euros over the period 2014-2020 will focus on two areas: supporting the government's efforts in poverty reduction and strengthening the special partnership between the EU and Cape Verde.

The EU expected the financial support will promote sustainable growth through the government's implementation of reforms leading to a more competitive economy and a better business climate.

Meanwhile, a special focus will be given to the implementation of the Cape Verde Stability and Security Action Plan, the statement said.

Cape Verde has become a middle-income country since 2007. In November 2007, the EU and Cape Verde established Special Partnership, which focuses on cooperation at a political level and on security, regional integration, knowledge-based society and poverty alleviation. Enditem