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PRESS RELEASEApril 30, 2024

The World Bank Reinforces Its Support for the Development of Resilient Tourism and Blue Economy in Cabo Verde

WASHINGTON, April 30, 2024 - Today, the World Bank approved a credit from the International Development Association in the amount of $30 million for the Second Additional Financing of the Resilient Tourism and Blue Economy Development Project in Cabo Verde, increasing the overall value of this project, initially approved in May 2022, to $75 million. 

This new funding emphasizes the importance of tourism and its connections to the blue economy. Its main goal is to support Cabo Verde's overarching strategies for sustainable tourism and the blue economy, as outlined in the Tourism Operational Program and the National Investment Plan for the Blue Economy. By doing so, it aims to promote tourism practices that are environmentally friendly and beneficial to local communities. It also aims to expand on initial objectives by improving the diversity of tourism offerings across different islands and markets. Progress will be measured by metrics like increased tourist spending and longer stays in emerging destinations. Additionally, the project seeks to increase the participation of local communities in the economic benefits of tourism, which will be tracked through the number of contracts awarded to local businesses within the tourism industry.

The project expansion now spans activities across six islands: Santiago, Santo Antão, São Vicente, Sal, São Nicolau, and Boa Vista. These activities include:

i) Improving tourism and blue economy infrastructure: This involves enhancing trekking trails, restoring historical and cultural sites, and upgrading coastal areas, piers, and fishing markets to ensure they support sustainable practices.

ii) Supporting local small and medium-sized enterprises (SMEs) and women-led businesses: The project will provide tailored assistance to SMEs and businesses led by women. This support will focus on offering sustainable services and products that meet the current demands of the tourism industry and take advantage of the unique opportunities presented by Cabo Verde's blue economy.

iii) Establishing supportive public policies: Efforts will be made to create frameworks for effective public policies, particularly in sectors crucial for sustainable development. This includes initiatives to strengthen governance in sustainable fisheries, creating an enabling environment for the long-term growth of tourism and the blue economy in Cabo Verde.

"The increase in funding for this pivotal project to $75 million — the largest ever provided by the World Bank in Cabo Verde — underscores a firm commitment to advancing the country's development strategy led by the private sector. This commitment extends to exploring opportunities beyond tourism, particularly within the blue economy. The expanded investments in resilient infrastructure, coupled with support programs for local SMEs and sustainable development policies, aim to unlock Cabo Verde's inherent potential and competitive advantages,” said Rosa Brito, Interim Resident Representative for Cabo Verde.



In Cabo Verde:
Marco António Medina Silva,
+238 9511616


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