|Approval Date||26 May 2020|
|Signature Date||03 Jun 2020|
|Planned Completion Date||30 Jun 2021|
|Sovereign / Non-Sovereign||Sovereign|
|DAC Sector Code||11330|
The COVID19 Crisis Response Support Programme (CCRSP) in Cabo Verde is a budget support in alignment with the COVID-19 Response Facility approved by the Board on April 8th, 2020. This is a EUR 30 million ADB loan to the Republic of Cabo Verde. Indeed, while the country’s health indicators are among the best in West Africa, risks remain and the country’s health system has significant room for improvement, especially in the context of a global pandemic. As of May 12th, 2020, the number of confirmed cases is 260, with two deaths and 58 recovered. The first two cases were identified on March 21st. 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. The programme is structured around two components: (i) increased health and social protection coverage to face the crisis and (ii) macroeconomic risk mitigation.
The programme 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.
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 Inclusion Income; (ii) 30,000 informal and selfemployed 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 through the INPS partial income recovery scheme. In addition, affected MSMEs will benefit from tax-related measures.
African Development Bank
MINISTERE DES FINANCES ET DE L'ADMINISTRATION PUBLIQUE DIRECTION GENERALE DU TRESOR
|Last Update||11 Apr 2021|