Cabo Verde Third Fiscal Space and Sustainable Growth Development Policy Financing (WB-P501992)

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
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
Dec 11, 2025
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
Republic of Cabo Verde
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Communications
  • 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)
$ 15.00 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)
$ 15.00 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 Oct 11, 2026

Disclosed by Bank May 6, 2025

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Contact the EWS Team

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's website, the approved project aims to (i) strengthen fiscal resilience; (ii) enable the uptake of digital services and renewable energy; and (iii) enhance economic opportunity. Cabo Verde has made remarkable economic and social progress in its 50 years since independence, but recent global shocks, including the pandemic, have accentuated vulnerabilities. The archipelago faces structural challenges in terms of connectivity and infrastructure development, translating into high costs of services, including electricity and water. Economic growth, driven by tourism, remittances, and foreign direct investment (FDI), has been robust but increasingly volatile over the last decade. Further challenges include a heavy reliance on the all-inclusive tourism model, strong state presence in the economy, and limited linkages between FDI-benefiting sectors and the broader economy. The vulnerabilities to external shocks are evidenced by the significant growth contraction in 2020 (negative 20.4 percent) due to the impact of the pandemic on tourism and elevated inflation in 2022 (nearly 8 percent), given heavy reliance on imports for basic consumption goods. The Development Policy Financing (DPF) operation supports Cabo Verde's overarching goal to achieve sustainable and climate-resilient development. 

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

Total Project Cost: US$ 0.00 million

Commitment Amount: US$ 15.00 million 


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.

Task Team Leader: Anna Carlotta Allen Massingue 

Title: Senior Economist 

Co Task Team Leader: Mahama Samir Bandaogo 

Title: Senior Economist 

ACCESS TO INFORMATION

To submit an information request for project information, you will have to create an account to access the Access to Information request form. You can learn more about this process at: https://www.worldbank.org/en/access-to-information/request-submission

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

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How it works