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Cape Verde : Government signs agreement with World Bank worth 50 Million Dollars
Publish Date : 11-Jun-2019
The Government, represented by the Deputy Prime Minister and Minister of Finance, Olavo Correia, signed two important agreements this morning with the World Bank (WB), for a total of 50 Million Dollars for Budget Support (40 million) and the Sovereign Fund (10 million).
In explanation of the context underlying the signature of the agreement for Budgetary Aid (US $ 40 million for this year), Olavo Correia affirmed that the Government chose not to use World Bank Budget Assistance in the last two years, "precisely because of the important agenda of reforms in progress, mainly regarding the process of Privatization of TACV".
"Given the success we have achieved with the privatization of Companhia de Bandeira, we are resuming Budget Support with our partner, the World Bank," he explained.
As for the Sovereign Emergency Fund (10 Million Dollars), the holder of the Finance portfolio, stressed that it is another instrument of great importance. "This is another mechanism that will put us at the level of what we are: a Country of Average Income." "The Sovereign Emergency Fund will allow the Government to have instruments to allow, in case of catastrophic situations, Cape Verde can intervene autonomously, using its own resources. This does not make it impossible to request international assistance, "he said.
These values are "of paramount importance for the reform agenda of this Government," concludes the Deputy Prime Minister. The World Bank was represented in the act by the Director of Operations for Cape Verde, Louise Cord and was also attended by the Minister of Internal Administration, Paulo Rocha.
