Cabo Verde: First Sustainable, Equitable, and Green Recovery DPF (WB-P174754)

Countries
  • Cape Verde
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • World Bank (WB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Aug 31, 2021
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Government of Cabo Verde
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Law and Government
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 20.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 20.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ WB website

Updated in EWS May 31, 2021

Disclosed by Bank Feb 15, 2021

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to bank documents, the programmatic DPF series strengthes policies for a sustainable, equitable, and greener economic recovery.

The DPF series supports Cabo Verde authorities in their efforts to build back better after the COVID-19 crisis and to reposition the role of the state in the economy over the medium term. The series is structured around three interrelated policy areas:

  • Pillar A aims to improve debt transparency and reduce fiscal risks from SOEs: The reform program includes measures to (i) strengthen fiscal risk management, including the adoption of a framework to issue state guarantees and (ii) reduce fiscal risks by improving the quality, frequency, and coverage of public debt reporting, including from SOEs.

  • Pillar B seeks to strengthen the resilience of poor and vulnerable households, particularly women, to shocks, including climate-related shocks This pillar builds on the COVID-19 response program and continues to strengthen the social protection system by (i) supporting the continued use of safety nets to respond to COVID-19 in the short-term and further strengthening the shock-responsiveness of the safety net system in the medium-term and (ii) strengthening the usability of the social registry and enabling broader usage for targeted service delivery.

  • Pillar C supports a green, sustainable, and private sector-led recovery: This pillar promotes private sector investment and the transition towards a low-carbon economy by: (i) supporting reforms of the electricity sector to attract private investment necessary to lower the cost of electricity services, strengthen energy independence, and reduce greenhouse gas emissions; (ii) promoting a harmonized, streamlined and more predictable regulation for investment in the tourism sector; and (iii) supporting the sustainable development of the fishery sector, including aquaculture.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

World Bank:
Jose Daniel Reyes, Cristina Navarrete Moreno
Senior Economist

Borrower:
Cabo Verde

Implementing Agency:
Ministry of Finances
Gilson Pena
Director of National Planning
gilson.g.pina@mf.gov.cv 

ACCESS TO INFORMATION

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ACCOUNTABILITY MECHANISM OF THE WORLD BANK

The World Bank Inspection Panel is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by a World Bank-financed project. If you submit a complaint to the Inspection Panel, they may investigate to assess whether the World Bank is following its own policies and procedures for preventing harm to people or the environment. You can contact the Inspection Panel or submit a complaint by emailing ipanel@worldbank.org. Information on how to file a complaint and a complaint request form are available at: https://www.inspectionpanel.org/how-to-file-complaint 

How it works

How it works