Portugal is to provide two loans worth a combined 140 million euros to Cape Verde to finance road, port and airport building projects under an accord formalized Saturday.

Portuguese Finance Minister Fernando Teixeira dos Santos, who traveled to Cape Verde to ink the accord, said the loans give “favorable and advantageous” repayment conditions to Praia, with interest rates lower than market rates.

The first loan of 100 million euros is for work on ports on the islands of Fogo and Santiago. The second credit of 40 million euros will fund road-building ventures on the islands of Santo Antão, Sao Vicente, Maio and Fogo, according to Cape Verde’s finance minister, Cristina Duarte.

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