The U.S. African Development Foundation (USADF) and the Government of Cabo Verde have announced a partnership aimed at bolstering small and medium enterprises (SMEs) in the country.
The five-year, $10 million initiative was formalized through a Memorandum of Understanding (MoU) signed on June 20, 2024.
Under this agreement, USADF will contribute $1 million annually, matched by the Government of Cabo Verde, to provide grants and technical assistance. The funding will support various initiatives including the development of agriculture and fisheries value chains, the enhancement of farmers’ and fishermen’s cooperatives, training and technical assistance programs, renewable energy capacity building, and market competitiveness.
The signing ceremony in Praia featured USADF President and CEO Travis Adkins and Cabo Verde’s Minister of Finance and Business Promotion, Olavo Avelino Garcia Correia, along with other officials and representatives from the United States Embassy.
“We are thrilled to be in Cabo Verde, renewing USADF’s operations and strengthening the US-Cabo Verdean relationship,” said Adkins. “This partnership will drive sustainable economic growth and create opportunities for SMEs in Cabo Verde.”
USADF has a long history of supporting enterprises in Cabo Verde, providing $5.7 million in funding and technical assistance to 45 enterprises from 1993 to 2015.
This new partnership aims to further boost the growth and competitiveness of Cabo Verdean SMEs in sectors like agriculture, renewable energy, the blue economy, youth employment, women’s empowerment, and entrepreneurship.
