Portugal-Cape Verde Summit Strengthens Cooperation with 42.5 Million Euros for the Climate Fund

The Prime Minister of Cape Verde, Ulisses Correia e Silva, highlighted the signing of 30 cooperation agreements between Cape Verde and Portugal during the VII Bilateral Summit, which took place on 27th and 28th January in Lisbon. The event, which included closed-door ministerial meetings, culminated yesterday with the signing of protocols covering various areas of cooperation between the two countries.

Among the highlights of the Summit, Correia e Silva emphasized the significant increase in the Climate and Environmental Fund, which will rise from 12.5 million euros to 42.5 million euros. "This increase is an important milestone and represents essential resources for us to invest in renewable energy, the management of water resources linked to renewable energy, and to create investment opportunities for both the Portuguese and Cape Verdean private sectors," said the Cape Verdean Prime Minister.

In addition to the fund's increase, one of the key points of the summit was the creation of a 100-million-euro credit line aimed at boosting investments in strategic sectors such as renewable energy, digital economy, blue economy, and tourism. The credit line may be associated with sovereign guarantees, which will facilitate access to financing for entrepreneurs from both countries.

The summit, which brought together eight Portuguese ministers and seven Cape Verdean ministers, aims to strengthen cooperation across all governmental areas and set the main directions for the next two years. The leaders of both countries, Ulisses Correia e Silva and the Prime Minister of Portugal, Luís Montenegro, co-chaired the plenary meeting at the Palácio das Necessidades in Lisbon. The meeting reinforces the strategic partnership between Cape Verde and Portugal, guided by the 2022-2026 Strategic Cooperation Program (PEC), which directs bilateral relations.

This bilateral summit has been seen as an important step in further consolidating collaboration between the two countries, focusing on sustainable development and strengthening economic, social, and cultural relations.

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