Cape Verde graduates to middle-income status

African Development Bank Group (AfDB) approved a new Country Strategy Paper, designed to support Cape Verde in its efforts to lay the foundations for more inclusive and green growth, reports said on Thursday.The AfDB’s move was to applaud Cape Verde’s graduation to middle income status and its successful socio-economic development during the last decade.

Cape Verde’s Country Strategy Paper 2014-2018 seeks to tackle the key challenges of inclusiveness rooted in the country’s geography (isolated and poorly linked islands with unequal development status).  The Bank’s support would include infrastructure development (maritime transport and renewable energy), and improved governance.

The AfDB will also contribute to strengthening the national monitoring and evaluation system with an emphasis on gender, and promote policy actions that directly seek to create a better gender balance or mitigate gender disparities.  Despite its vulnerability due to its isolated and fragmented territory, small population, dry Sahel climate, and scarce natural resources, the country recorded one of the most impressive socio-economic performances in Africa.

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