The World Bank plans to invest next year approximately US$25 million in Cape Verde, local newspaper A Semana reported this week.

Louise Cord, the World Bank’s Country Director for Senegal, Cape Verde, The Gambia, Guinea-Bissau and Mauritania, made the announcement on a visit to Cape Verde.

Ms Cord explained – as quoted by the media outlet – the international institution is interested in supporting projects aimed at securing the country’s macroeconomic stability, ones developing its private sector and some creating jobs for young people.

Cape Verde’s Finance Minister, Olavo Correia, said the World Bank’s support is “decisive” to the country and will help it to reform the economy.

“We want to have a competitive economy; an excellent business environment; ‘pro-business’ administrative operations; [and] tools able to promote an atmosphere of innovation and creativity, production and export,” Mr Correia stated, as quoted by the newspaper.