Cabo Verde - Economic Growth Support Programme – Phase II (PACE II)


Project Summary

Approval Date 19 Oct 2017
Signature Date 06 Nov 2017
Planned Completion Date 30 Jun 2018
Last Disbursement Planned Date 30 Jun 2018
Sovereign / Non-Sovereign Sovereign
Sector Multi-Sector
DAC Sector Code 15110
Commitment U.A 16,371,569.13
Status Completion

Project General Description

The Phase II Economic Growth Support Program (PACE-II) is a EUR 20 million General Budget Support (GBS) operation of the ADB Group for the State of Cape Verde for the 2017 period -2018. PACE-II, the second phase of a series of two programmatic budget support operations, intends to consolidate the achievements of previous operations and to assist the authorities in the implementation of important structural reforms which, added to the previous ones will help create the conditions for sustained and inclusive growth. PACE - II is part of the continuation of PACE - I, structured around the same components, namely: (i) improving the efficiency of public investments in order to create the conditions for economic growth sustained benefits for the greater part of the Cabo-Verdean population and (ii) support for the promotion of private sector development to stimulate domestic production of goods and services.

Project Objectives

The main objective of PACE - II is to help create the conditions for strong, inclusive and sustainable economic growth in Cabo Verde. This second phase has the same operational objectives as PACE I, namely: (i) improving the governance of public enterprises and the institutional and regulatory framework for public investments; (ii) the modernization of the institutional and regulatory framework of Private Public Partnerships; (iii) improving the business environment; and (iv) support for entrepreneurship and the formalization of informal activities.

Beneficiaries

PACE II will benefit the people of Cape Verde as a whole. The results of good public investment management and a better developed private sector will improve the living conditions of the population. Good governance of public enterprises will have an impact on improving the quality of public services rendered to users. Efforts at the level of facilitating access to finance on the one hand, and training in the form of support for the creation and development of MSEs on the other, will contribute to making the private sector more dynamic to respond increasing the supply of opportunities from major public investment projects.

Participating Organization

Funding
African Development Bank
Implementing
Ministry of Finance (MF)

Information

IATI identifier 46002-P-CV-KA0-007
Last Update 31 Oct 2019

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Contact Details

Name ARVANITIS Yannis
Email y.arvanitis@afdb.org

Geographic Location

Country Cape Verde