Cabo Verde - Private Sector Competitiveness and Local Economic Development Programme (PSC-LED) PHASE I


Project Summary

Approval Date 18 Jul 2018
Signature Date 02 Aug 2018
Planned Completion Date 31 Dec 2019
Last Disbursement Planned Date 31 Dec 2019
Sovereign / Non-Sovereign Sovereign
Sector Multi-Sector
DAC Sector Code 15110
Commitment U.A 16,371,569.13
Status Implementation

Project General Description

The first phase of the Private Sector Competitiveness and Local Economic Development Programme (PSC-LED) is designed in a context where the Government of Cabo Verde (GoCV) is entering the implementation phase of its new Economic Plan for Sustainable Development 2018-2021 (PEDS). Indeed, the country faces two major problems: ensuring consolidation and moving to the paradigm of growth in favor of the private sector, and ensuring that growth is inclusive for the entire national territory and the different layers of the society. To address these issues, PSC-LED aims to (i) consolidate the gains from previous operations, and support Cabo Verde's efforts to tackle the above challenges through reforms to improve overall competitiveness, while also (ii) seeking to set the basis for local economic development. In addition, the PSC-LED is not only concerned with the pace of growth (i.e. growth levels), but its pattern (i.e. sources of growth and spatial distribution). It focus on the domestic private sector, its competitiveness and local economic development across islands. PSC-LED-I is based on two components, namely: (1) promotion of competitiveness and private sector development; and (2) promotion of local economic development and local governance.

Project Objectives

The program’s development objective is to promote inclusive and sustainable economic development. Its objective is to support the National Development Plan’s objective geared towards a move to private sector led growth and local economic development.

Beneficiaries

PSC-LED-I will benefit the entire Cabo Verde population. The results from sound management of public investments and a more developed private sector will improve the population’s living conditions. Good public corporate governance will lead to the improvement of the quality of public services provided to users. Efforts to facilitate access to financing, on the one hand, and the provision of training aimed at supporting the establishment and development of MSEs, on the other, will make the private sector more dynamic and responsive to increased opportunities from the massive public investment projects. These positive effects will spur economic growth in the country for the good of the people.

Participating Organization

Funding
African Development Bank
Implementing
Ministère des Finances

Information

IATI identifier 46002-P-CV-KA0-008
Last Update 31 Oct 2019

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Contact Details

Name ARVANITIS Yannis
Email y.arvanitis@afdb.org

Geographic Location

Country Cape Verde