Cape Verde’s debt to Portugal to be converted into climate fund

Cape Verde’s debt to Portugal will be converted into a Climate and Environmental Fund, according to a memorandum of understanding to be signed between the two countries next week, as part of the Ocean Race Summit Mindelo, the world’s largest regatta passing through the island of São Vicente from January 20-25. Lusa’s report says the debt last year stood at over €600 million. The memorandum of understanding will be signed between Portugal’s PM António Costa, and his Cape Verdian counterpart Ulisses Correia e Silva, who earlier this year signed another memorandum of understanding over a debt due of €140 million.