Cabo Verde - COVID-19 Crisis Response Support Programme (CCRSP)


Project Summary

Approval Date 26 May 2020
Signature Date 03 Jun 2020
Planned Completion Date 30 Jun 2021
Last Disbursement Planned Date 30 Jun 2021
Sovereign / Non-Sovereign Sovereign
Sector Multi-Sector
DAC Sector Code 11330
Commitment U.A 24,474,611.67
Status Approved

Project General Description

The EUR 30 million ADB loan to the Republic of Cabo Verde is to finance the COVID-19 Crisis Response Support Programme (CCRSP). CCRSP is a Crisis Response Budget Support (CRBS) in alignment with the COVID-19 Response Facility approved by the Board on April 8th, 2020.

Project Objectives

The objective of the operation is to support the authorities’ COVID-19 response strategy in mitigating the social impact of the crisis and maintaining macroeconomic stability. This operation seeks to achieve two outcomes: (i) improve health and social responses to ease the impact on the most vulnerable, and (ii) address macro-fiscal imbalances while mitigating the effects of the crisis on the private sector.

Beneficiaries

The programme will benefit the entire Cabo Verde population through increased macroeconomic stability as well as through a faster and more inclusive economic recovery on the back of a more resilient businesses and workforce. Moreover, the expanded social protection coverage supported by the programme will directly benefit some of the most affected and vulnerable populations in the country, including: (i) an additional 3,000 vulnerable and women-headed households through the expansion of the Social InclusionIncome; (ii) 30,000 informal and self-employed workers (including at least 50% women) through the creation of the Solidarity Income; (iii) 3,000 vulnerable households through the direct food assistance programme; and (iv) 13,224 furloughed workers throughthe INPS partial income recovery scheme. In addition, affected MSMEs will benefit from tax-related measures.

Participating Organization

Funding
African Development Bank
Implementing
MINISTERE DES FINANCES ET DE L'ADMINISTRATION PUBLIQUE DIRECTION GENERALE DU TRESOR

Information

IATI identifier 46002-P-CV-K00-016
Last Update 24 Sep 2020

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Contact Details

Name ARVANITIS Yannis
Email y.arvanitis@afdb.org

Geographic Location

Country Cape Verde