A delegation from the World Bank and Cape Verde’s Ministry of Finances are preparing a new cycle of financial aid for Cape Verde for the 2008-2011 period. However, as this cycle only begins in July of next year, the world Bank is expected to grant Cape Verde six million US dollars in “transition” aid.

As it discusses the terms of the new cycle of financing, which begins in July of next year, the World Bank has agreed to grant Cape Verde approximately US$ 6 million in supplementary financial support.

The exact amount of the funds the World Bank will place at Cape Verde’s disposal is not yet known, according to a reliable source, but it could approach the US$ 45 million of the previous program. In any case, part of the total is expected to be given in the form of budget aid.

Cape Verde will also benefit from a US$ 44 million loan from the World Bank system’s International Bank for Reconstruction and Development.

In addition, Cape Verde will receive considerable financial support for professional education programs beginning next year. The Dutch government will make 9 million euros available, while Luxembourg will contribute 12.5 million over the course of four years.

Source: A Semana