World Bank approves US$10 million loan for Cape Verde

4 April 2007

Washington, United States, 4 April – The World Bank said Tuesday it had approved a US$10 million loan for Cape Verde for social and good governance projects, as part of the third phase of the Program for Poverty Reduction and Growth.

The first of three focal areas, the World Bank said in a statement, was the “promotion of good governance through reform of management of public expenditure, the legal system and decentralization, and state administration.”

The figure will be applied to “developing human resources in the areas of education and health,” and “improving the effectiveness and sustainability of the social protection system,” it added.

Maurizia Tovo, of the World Bank, said that the project “was prepared in close coordination with an increasing number of budgetary support partners, including the Netherlands, the European Union, the African Development Bank, Austria and Spain,” based on a technical memorandum signed with the government.

The third phase of the program, she added, “will improve access by the poor to social services, contributing to the general well-being of the population, in a country whose small and open economy is extremely vulnerable to external shocks.” (macauhub)