Cape Verde and World Bank launch new development partnership

The World Bank and the Government of Cape Verde have initiated discussions to develop a new partnership strategy aimed at guiding development support for the archipelago in the coming years. This strategy aligns with the government’s ‘Cape Verde for All’ program, focusing on economic diversification, climate resilience, inter-island connectivity, and the economic inclusion of women and youth.

The World Bank’s current public portfolio in the country includes nine projects totaling US$330.3 million, while the International Finance Corporation (IFC) has invested approximately US$476 million over the last five years. The partnership aims to integrate public financing with private investment and technical expertise.

In a related environmental initiative, a five-year project valued at approximately 36 million euros has been launched to accelerate Cape Verde’s transition toward blue and green economies. Funded by the Global Environment Facility (GEF) and implemented by the Food and Agriculture Organization (FAO), the project focuses on protecting natural resources across four islands. It seeks to create income opportunities through sustainable agriculture, fisheries, and nature-based tourism while enhancing community access to climate financing.