World Bank grants two loans to Cabo Verde

10 June 2019

The World Bank has recently resumed budget support to Cabo Verde, with funding of US$40 million for 2019 under an agreement signed recently in the capital Praia, according to official information.

Deputy Prime Minister and Finance Minister Olavo Correia also signed a second agreement with the Director of Operations for Cabo Verde, Louise Cord, under which the World Bank provided US$10 million to the Sovereign Emergency Fund.

“The Sovereign Emergency Fund will allow the government to have instruments to enable, in the event of catastrophic situations, Cabo Verde to intervene autonomously, using its own resources, which does not rule out requesting international assistance,” added the Minister of Finance.

Correia said that the government had suspended World Bank budget support in the past two years, “precisely because of the important agenda of reforms underway, mainly regarding the privatisation process of the TACV airline.”

“Given the success we have achieved with the privatisation of Cabo Verde Airlines, we are resuming budget support with our World Bank partner,” he said. (Macauhub