Cape Verde to receive $110 million in U.S. cash aid

Cape Verde to receive $110 million in U.S. cash aid    The Bush administration has signed an agreement with Cape Verde to provide about $110 million over the next five years to stimulate the African country’s economic growth.
   The agreement is part of the U.S. government’s Millennium Challenge Corp. (MCC). To receive the cash aid, Cape Verde had demonstrated to U.S. officials that it embraces democracy, attacks corruption and supports private sector activity. Cape Verde is the second African country to receive MCC funds, following Madagascar.
   According the administration, $78.7 million will be spent to improve Cape Verde’s transportation infrastructure and Port of Praia, which handles half of the island nation’s cargo.
   “The improvements in the Port of Praia to be funded by MCC, combined with the concurrent privatization of port services, are expected to increase the efficiency of the port and to prevent a bottleneck to growth in commerce,” the administration said.