STATE OWNED ENTERPRISES RELATED FISCAL MANAGEMENT PROJECT (WB-P160796)

Regions
  • Africa
Geographic location where the impacts of the investment may be experienced.
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
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
C
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
Jun 4, 2018
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
Ministry of Finance
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • 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.
Loan 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
Primary Source

Original disclosure @ WB website

Updated in EWS Feb 27, 2019

Disclosed by Bank Oct 20, 2016

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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 WB website, the objective of this project is to strengthen SOE related fiscal management. There are three components to the project:

1. Component 1. Results-based financing. This component aims to support some critical reforms in TACV that are needed to improve performance and prepare the company for privatization and thereby eliminate its needs for public financing for its operations. This component includes two subcomponents: fiscal risk assessment and monitoring, and TACV restructuring and reduced public financing.

2. Component 2. Technical Assistance. This component will provide technical support for the implementation of the Government SOE reform program and to strengthen the overall capacity of the MoFP for macro-fiscal monitoring and SOE oversight and monitoring. It aims to strengthen the GoCV’s capacity as an active and informed owner of SOEs, including its ability to independently analyze and assess SOE activities, operational and financial performance, business plans, audits, and to prepare comprehensive and in-depth analytical reports on the SOE portfolio under its purview and ability to increase private sector participation in SOEs. 

3. Component 3. Project Management Support. This flexible component will support project management and implementation needs including the financing of the project coordination, procurement, financial management, audit, legal and monitoring and evaluation (M&E) (independent verification agent). It will also finance some activities that are not included or anticipated in the original design of the project, but are necessary elements as the project unfolds.

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.
 

Team Leader: Kjetil Hansen

Sr. Public Sector Specialist, World Bank

Contact No.: 202-458-4871

Email Address: khansen1@worldbank.org

 

Implementing Agency: Unidade de Acompanhanmento do Sector Empresarial do Estado (UASE)

Contact Person: Margarida Mascarenhas, Director

Email Address: margarida.mascarenha@minfin.gov.cv


ACCOUNTABILITY MECHANISM OF 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. You can learn more about the Inspection Panel and how to file a complaint at: http://ewebapps.worldbank.org/apps/ip/Pages/Home.aspx.

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