66468
         Republic of Cape Verde: Recovery and Reform of the Electricity Sector Project

                                                 SUMMARY OF DISCUSSION 


                                               Meeting of the Executive Directors

                                                               January 19, 2012
                                                                       

       Executive Directors approved the Recovery and Reform of the Electricity Sector Project
loan to the Republic of Cape Verde in the amount of Euro 40.2 million (US$ 53.5 million
equivalent) on the payment terms and conditions set out in the President’s Memorandum
(R2011-0279).

        Executive Directors expressed support for the project, which is aligned with the
Country’s Partnership Strategy for the Republic of Cape Verde and with the foundation, pillars
and key instruments of the World Bank Group Africa Strategy. Directors emphasized the need to
align electricity prices with costs, modernize Empresa Publica de Electricidade e Ã?gua
(ELECTRA), shift from fossil to renewable energy, and to invest in energy infrastructure.
Finally, Executive Directors encouraged close partnership between Cape Verde and the Bank to
assure timely and successful completion of the project and achievement of the project
development objectives.




                                                            
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  This summary is not an approved record.