Cape-Verde - Economic Reform Support Program (ERAP)


Project Summary

Approval Date 28 Oct 1998
Signature Date 12 Jan 1999
Planned Completion Date 31 Dec 2001
Last Disbursement Planned Date 31 Dec 2001
Sovereign / Non-Sovereign Sovereign
Sector Multi-Sector
DAC Sector Code 15124
Environmental Category 3
Commitment U.A 3,000,073.55
Status Completion

Project General Description

The Economic Reform Support Program (ERAP) is part of the 1997-2000 national development plan. It aims to implement the reforms necessary to restore the major macroeconomic balances. In addition to the restoration and privatization of some state-owned enterprises, this programme should improve the legislative and regulatory framework for sustained and sustainable growth based on private sector development. It should contribute to improving the living conditions of disadvantaged populations through measures identified in favour of employment development and the financing of public expenditure in the social sectors. The programme consists of (04) components, namely: (i) promotion of the private sector; (ii) further liberalization of the economy; (iii) maintenance of a viable and stable macroeconomic framework; and (iv) further reform of the public sector.

Project Objectives

The programme aims to create the conditions for accelerated growth of around 4% per year, reduce the inflation rate to 3.5% between 1998-2000 and restore financial balances. The private sector is expected to become the main engine of growth and the State should consolidate fiscal and financial management while clearing the domestic debt that has become unsustainable for the country's economy.

Beneficiaries

The main beneficiaries of the programme are public companies and the State of Cape Verde in general.

Participating Organization

Funding
African Development Fund
Implementing
Conseil des Affaires Economiques

Information

IATI identifier 46002-P-CV-KA0-003
Last Update 30 Nov 2022

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Contact Details

Name KONE Solomane
Email s.s.kone@afdb.org

Geographic Location

Country Cape Verde