See also:
» 05.03.2010 - Cape Verde farmers to reorganise into companies
» 10.12.2009 - Cape Verde eligible for second MCC compact, Niger suspended
» 24.07.2009 - Cape Verde announces new measures to combat economic crisis
» 21.05.2009 - Cape Verde wants emigrants back
» 21.11.2008 - Real estate crisis hits Cape Verde
» 23.07.2008 - Cape Verde joins WTO
» 01.03.2007 - Cape Verde still struggles to join WTO
» 25.09.2006 - Cape Verde telecom market to be liberalised











buy from China
Cape Verde
Economy - Development

Cape Verde borrows US$ 15 million to reduce poverty

afrol News, 23 February - The government of Cape Verde is to receive a US$ 15 million credit from the World Bank to implement its strategy to reduce poverty by spurring economic growth. The credit is to be used to promote governance and economic reform to increase effectiveness and competitiveness.

The credit was announced yesterday by the World Bank's board of executive directors. It is part of Cape Verde's so-called Growth and Poverty Reduction Strategy, an economic reform package tailored by the Bank and the International Monetary Fund (IMF). As the Cape Verdean government goes on making progress implementing these reforms, it assures further funding from the two financial institutions.

This so-called first Poverty Reduction Support Credit from the World Bank is one of three loans to finance the current reform package. It was already agreed on at a meeting in the Cape Verdean capital Praia in April 2003 and made dependent of reform progress.

The reform package aims to promote good governance centred on reforms in public expenditure management, civil service, the judiciary and decentralisation. Further, it is to develop human capital in the areas of education and health and improve the effectiveness and sustainability of the social protection system.

In practical terms, the reforms aim at increasing the Cape Verdean government's ability to receive donor aid and implement the development programmes financed from abroad. "The operation is a response to the government's request for their external partners to align with national strategies and systems for poverty reduction," according to the World Bank's Julie Van Domelen.

- This move to support poverty reduction through the national budget process is consistent with Cape Verde's level of institutional, economic and political development and acknowledges the country's strong and sustained performance in recent years, added Hélène Grandvoinnet of the Washington-based Bank.

According to the World Bank, "Cape Verde is a success story among African nations." Following a shift from a socialist to a market-oriented model in the late 1980s, Cape Verde's growth performance has raised it to the ranks of lower middle income countries, with a gross national income per capita of US$ 1,400 in 2002.

Recent economic growth of around 4 percent per capita has been sustained through public and private investment based on high levels of donor support, strong private capital flows and remittances. This growth has enabled poverty to decline by one-fourth over the last decade.



- Create an e-mail alert for Cape Verde news
- Create an e-mail alert for Economy - Development news


 
    Printable version


On the Afrol News front page now

Rwanda
Rwanda succeeds including citizens in formal financial sector

afrol News - It is called "financial inclusion", and it is a key government policy in Rwanda. The goal is that, by 2020, 90 percent of the population is to have and actively use bank accounts. And in only four years, financial inclusion has doubled in Rwanda.
South Sudan | Sudan
Famine warning: "South Sudan is imploding"

afrol News - The UN's humanitarian agencies now warn about a devastating famine in Sudan and especially in South Sudan, where the situation is said to be "imploding". Relief officials are appealing to donors to urgently fund life-saving activities in the two countries.
Guinea
Panic in West Africa after Ebola outbreak in Guinea

afrol News - Fear is spreading all over West Africa after the health ministry in Guinea confirmed the first Ebola outbreak in this part of Africa. According to official numbers, at least 86 are infected and 59 are dead as a result of this very contagious disease.
Ethiopia
Ethiopia tightens its already strict anti-gay laws

afrol News - It is already a crime being homosexual in Ethiopia, but parliament is now making sure the anti-gay laws will be applied in practical life. No pardoning of gays will be allowed in future, but activist fear this only is a signal of further repression being prepared.
Ethiopia
Ethiopia plans Africa's biggest dam

afrol News / Africa Renewal - Ethiopia's ambitious plan to build a US$ 4.2 billion dam in the Benishangul-Gumuz region, 40 km from its border with Sudan, is expected to provide 6,000 megawatts of electricity, enough for its population plus some excess it can sell to neighbouring countries.



front page | news | countries | archive | currencies | news alerts login | about afrol News | contact | advertise | español 

©  afrol News. Reproducing or buying afrol News' articles.

   You can contact us at mail@afrol.com