All their projects in Cape Verde are small according to World Bank Country Director Habib Fetini. Their strategy is to focus on sectors that have received support in the past such as energy and transport and push to a point of transformation in sector sustainability.
A big chunk of the budget for fiscal 2010 will go to energy sector support. A senior energy specialist told Devex that the bank will employ two separate tools; an investment with the government and public-private partnership with various sponsors. The initiatives may involve electricity and water generation, and wind power.
The agency will also provide assistance for road construction and institutional support for the transport sector.
Bank representatives said that the projects are on schedule and will likely be approved within fiscal 2010 as planned.
Despite the limited natural resources and suffering from serious water shortages, Cape Verde was able to graduate to middle income status in January 2008 and enjoys a per capita income higher than that of many continental African nations.
