|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 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.
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.
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.
African Development Bank
MINISTERE DES FINANCES ET DE L'ADMINISTRATION PUBLIQUE DIRECTION GENERALE DU TRESOR
|Last Update||19 Oct 2020|