EU ANNOUNCES €55 MILLION CAPE VERDE GREEN ENERGY FUND
Cape Verde will see €55 million (£45 million) worth of funding to provide green energy, reduce poverty and increase growth and governance the EU has announced. The EU development commissioner Andris Pielbalgs announced the new fund while visiting the country on Friday February 14th 2014.
The green energy fund will see support from 2014 to 2020 and will compose of deployment of a Technical assistance Facility for Sustainable Energy for the whole population of Cape Verde. This will result in an improvement of energy cooperation and extend across the whole continent of Africa.
The EU facility will support all authorities in Cape Verde by identifying efficient and sustainable proposals for projects within the energy industry. Best practices and expertise will be shared as well as sufficient training which in turn will help the country hit its target of providing 50 per cent of its energy from renewable sources by 2020.
EU development commissioner Pielbalgs also stated that, “Renewable energy is something that I am strongly committed to. Energy in Cape Verde is crucial, for education and healthcare, for growth, tourism and even for the supply of water. In short, renewable energy is the country's main route towards growth and development."
Limited fossil fuel resources are available throughout Cape Verde which has had a direct impact on the cost of electricity across the country, the commissioner continued. The new facility aims to provide the essentials to see the country harness the renewable sources that are available such as wind and solar energy generation. As a result of this, it will help the country provide cost effective and reliable sources of energy for the residents of Cape Verde.
Cape Verde was previously granted €51 million by the EU between 2008 and 2013 through the European Development Fund, with extra funding of €10.2 million also being made available following a mid-term review. New contracts will be put in place between the EU and Cape Verde as a result of the continuation of funding.