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The World Bank grants an additional $30 million for tourism and blue economy in CV

The World Bank has approved an additional loan of $30 million for the Resilient Tourism and Blue Economy Development project in Cape Verde.

• The funding aims to boost the development of the tourism sector in the country, promoting the diversification of the tourist offer and the creation of an environment conducive to the growth of SMEs.

The Resilient Tourism and Blue Economy Development project, expanded from four to six islands.

"The main objective of the project is to boost the development of the tourism sector in the country, promoting the diversification of tourist offerings and creating a conducive environment for SME growth; with the additional funding, it is expected that the project can expand its geographical scope, now reaching six islands instead of the initially planned four," says the statement sent to Lusa, explaining 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 will "improve project implementation modalities, taking into account increased investments in infrastructure to increase tourist spending and overnight stays in a greater number of locations and islands."

In the statement, the government emphasizes that this financing "is aligned with the World Bank Group's Partnership Framework with the Republic of Cape Verde for the period 2020 to 2025, aimed at strengthening the business environment and supporting private sector growth, as well as promoting gender equality and empowering women entrepreneurs," also playing "a key role in Cape Verde's economic recovery phase, contributing to the creation of a resilient and sustainable environment."

TN with information from Inforpress


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