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World Bank gives 28 million for tourism and blue economy in Cape Verde
The Cabo Verde government announced today that the World Bank has approved an additional $30 million loan for the Resilient Tourism and Blue Economy Development project, which has been extended from four to six islands.
© Lusa
Economia Cabo Verde
"The main objective of the project is to boost the development of the tourism sector in the country, promoting the diversification of the tourism offer and the creation of a conducive environment for the growth of SMEs; with the additional financing, it is expected that the project will be able to expand its geographical scope, now reaching six islands instead of the four initially planned", reads the statement sent to Lusa, in which it is explained that this expansion "will allow for greater economic diversification and the strengthening of synergies, especially in the value chains of the blue economy throughout the archipelago".
The financing now announced will "enhance the diversity and resilience of the tourism sector, as well as strengthening the participation of small and medium-sized enterprises (SMEs) in tourism-related value chains", reads the text explaining that the 30 million dollars, about 28 million euros, will "improve the project implementation modalities, taking into account the increase in infrastructure investments to increase tourist spending and overnight stays in a greater number of localities and islands".
In the statement, the Cabo Verde government stresses that this financing "is aligned with the World Bank Group's Partnership Framework with the Republic of Cabo Verde for the period 2020 to 2025, which aims to strengthen the business environment and support the growth of the private sector, in addition to promoting gender equality and the empowerment of women entrepreneurs", also playing a "fundamental role in the economic recovery phase of Cabo Verde, contributing to the creation of a resilient and sustainable environment".
Read Also: Marcelo says in Cabo Verde that cooperation must evolve "without brakes" (Portuguese version)
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