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Cape Verde: Countries
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Cape Verde pursues a nonaligned foreign policy and seeks cooperative relations with all states. Angola, Brazil, China, Cuba, France, Portugal, Senegal, Russia, and the United States maintain embassies in Praia. Several others, mostly European countries, maintain honorary consulates. In addition, Cape Verde maintains multilateral relations with other Lusophone nations and holds membership in many international organizations. It currently is working to accede to the World Trade Organization.
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Cape Verde suffered in 2003 from the consequences of a failed harvest in 2002. The country had long been heavily dependent on food imports, and the World Food Programme had to begin to supply food aid. The International Monetary Fund had granted the country a loan under its Poverty Reduction and Growth Facility in 2002.
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The literacy rate in Cape Verde is about 70 percent, and the demand for primary and secondary education is 85 percent and 48 percent, respectively. Most professionals are college graduates with degrees from European and American universities. Total investment in education accounted for 12 percent of the country's estimated budget for the period 1992-1995.
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Cape Verde just keeps on getting more and more attractive, its potential escalating from punt in an emerging market to bona fide investment opportunity. Now, the domestic market and overseas investors alike are set to reap massive benefits following announcements that large scale infrastructure improvements are to be made across the country.
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The Compact will support Cape Verde in achieving its overall national development goal of transforming its economy from aid-dependency to sustainable, private-sector led growth. MCC funds will be used to improve the country's investment climate and reform the financial sector; improve infrastructure to support increased economic activity and provide access to markets, employment, and social services; increase agricultural productivity and raise the income of the rural population; as well as carry out some key policy reforms needed for sustained economic growth. At the completion of the Compact, the program is expected to increase Cape Verde's annual income by at least $10 million.
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The United States African Development Foundation (USADF) entered into a strategic partnership with the Government of Cape Verde in 2003 to improve the viability and profitability of small and medium enterprises (SMEs) in the country. The program's key strategies are to:
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