STATE OWNED ENTERPRISES RELATED FISCAL MANAGEMENT PROJECT

Abstract*

The objective of the State Owned Enterprises Related Fiscal Management Project for Cabo Verde is to strengthen SOE related fiscal management. There are three components to the project, the first component being results-based financing. This component aims to support some critical reforms in TACV that are needed to improve performance and prepare the company for privatization and thereby eliminate its needs for public financing for its operations... Show More

Development Objective

The Project Development Objective is to strengthen SOE related fiscal management.

Key Details

Project Details

Project ID
P160796
Status
Closed
Team Leader
Yousif Elmahdi
Borrower 2
REPUBLIC OF CABO VERDE

Country
Cabo Verde
Disclosure Date
March 23, 2018
Approval Date
(as of board presentation)
June 4, 2018
Effective Date
October 22, 2018

Total Project Cost 1
US$ 20.00 million
Implementing Agency
Special Projects Management Unit, Ministry of Finance,State Commercial Sector Oversight Unit (UASE), Ministry of Finance,Ministry of Finance
Region
Western and Central Africa
Fiscal Year 3
2018

Commitment Amount
US$ 20.00 million
Environmental Category
C
Last Update Date
March 30, 2024
Closing Date
September 30, 2023

Consultant Services required
Yes
Last Stage Reached
BANK APPROVED

Notes
1. Total project cost includes funding from World Bank and non-bank sources in US$ millions. Active and Closed projects show current commitments. Proposed (pipeline) and dropped projects show the forecast amount. The commitment amount for projects in the pipeline is indicative and may be modified during the project preparation.
2. Borrower refers to the Borrower of a Loan or Recipient of a Grant.
3. ”Fiscal Year” is the fiscal year in which the project was approved (or dropped if the status is dropped). The World Bank's fiscal year is from July 1 - June 30. For example, a fiscal year of 1996 corresponds to July 1, 1995 - June 30, 1996.

Sectors

Themes

FY17 - Economic Policy

FY17 - Fiscal Policy20%
- FY17 - Fiscal sustainability20%

FY17 - Private Sector Development

FY17 - Public Private Partnerships20%

FY17 - Public Sector Management

FY17 - Public Administration100%
- FY17 - State-owned Enterprise Reform and Privatization100%

Project Map

Interactive Map

Finances

Financing Plan (US$ Millions)

Financier	Commitments
IDA Credit	20.00

Total Project Financing (US$ Millions)

Product Line	IBRD/IDA
IBRD Commitment	N/A
IDA Commitment	20.00
IBRD + IDA Commitment	20.00

Lending Instrument
Grant Amount	N/A
Total Project Cost**	20.00

Summary Status of World Bank Financing (US$ Millions) as of February 28, 2025

No data available.

Detailed Financial Activity as of February 28, 2025

Download:

Period	Financier	Transaction Type	Amount (US$)
Jun 15, 2021	IDA-62510	Int Charges	61,421.10
Jun 15, 2021	IDA-62510	Int Charges	61,421.10
Jun 23, 2021	IDA-62510	Loan Disb	80,440.76
Apr 16, 2021	IDA-62510	Loan Disb	2,853.29
Jul 15, 2021	IDA-62510	Loan Disb	8,369.59
Mar 6, 2020	IDA-62510	Loan Disb	37,648.79
Mar 6, 2020	IDA-62510	Loan Disb	62,362.20
Dec 15, 2019	IDA-62510	Int Charges	6,649.57
Dec 15, 2019	IDA-62510	Int Charges	6,649.57
Dec 15, 2019	IDA-62510	Int Charges	39,541.51
Dec 15, 2019	IDA-62510	Int Charges	39,541.51
Apr 6, 2020	IDA-62510	Loan Disb	3,085,075.00
Jun 16, 2020	IDA-62510	Int Charges	450.08
Jun 16, 2020	IDA-62510	Int Charges	450.08
Jun 16, 2020	IDA-62510	Int Charges	45,277.82
Jun 16, 2020	IDA-62510	Int Charges	45,277.82
Jun 26, 2020	IDA-62510	Loan Disb	196,454.88
Jun 26, 2020	IDA-62510	Loan Disb	2,040.78
Jul 28, 2020	IDA-62510	Loan Disb	508,842.00
Oct 21, 2020	IDA-62510	Loan Disb	52,294.15
Jun 18, 2021	IDA-69240	Loan Commitment	10,000,000.00
Jun 4, 2018	IDA-62510	Loan Commitment	20,000,000.00
Oct 17, 2023	IDA-62510	Loan Disb	-423,524.60
Oct 17, 2023	IDA-69240	Loan Disb	-12,950.31
Jan 30, 2024	IDA-69240	Loan Cancel	243,111.34
Jun 15, 2024	IDA-62510	Int Charges	1,055.61
Jun 15, 2024	IDA-62510	Int Charges	1,055.61
Jun 15, 2024	IDA-62510	Int Charges	66,526.55
Jun 15, 2024	IDA-62510	Int Charges	66,526.55
Jun 15, 2024	IDA-69240	Int Charges	34.11
Jun 15, 2024	IDA-69240	Int Charges	34.11
Jun 15, 2024	IDA-69240	Int Charges	11,307.66
Jun 15, 2024	IDA-69240	Int Charges	11,307.66
Aug 24, 2023	IDA-69240	Loan Disb	752,482.50
Jun 15, 2023	IDA-69240	Int Charges	6,590.18
Jun 15, 2023	IDA-69240	Int Charges	6,590.18
Jun 15, 2023	IDA-62510	Int Charges	2,856.05
Jun 15, 2023	IDA-62510	Int Charges	2,856.05
Jun 15, 2023	IDA-62510	Int Charges	69,067.10
Jun 15, 2023	IDA-62510	Int Charges	69,067.10
Dec 15, 2023	IDA-62510	Int Charges	66,712.71
Dec 15, 2023	IDA-62510	Int Charges	66,712.71
Dec 15, 2023	IDA-69240	Int Charges	98.56
Dec 15, 2023	IDA-69240	Int Charges	98.56
Dec 15, 2023	IDA-69240	Int Charges	10,985.92
Dec 15, 2023	IDA-69240	Int Charges	10,985.92
Dec 15, 2023	IDA-62510	Int Charges	1,075.65
Dec 15, 2023	IDA-62510	Int Charges	1,075.65
Sep 30, 2023	IDA-69240	Loan Cancel	5,943,236.00
Oct 17, 2023	IDA-69240	Loan Disb	-226,684.67
Dec 15, 2022	IDA-62510	Int Charges	916.02
Dec 15, 2022	IDA-62510	Int Charges	916.02
Dec 15, 2022	IDA-62510	Int Charges	66,020.63
Dec 15, 2022	IDA-62510	Int Charges	66,020.63
Feb 10, 2023	IDA-69240	Loan Disb	50,416.26
Mar 1, 2023	IDA-69240	Loan Disb	346,784.30
Feb 8, 2023	IDA-69240	Loan Disb	2,000,000.00
Feb 8, 2023	IDA-69240	Loan Disb	68,147.50
Feb 9, 2023	IDA-69240	Loan Disb	101,734.45
Jan 14, 2022	IDA-62510	Loan Disb	452,304.00
Dec 10, 2021	IDA-62510	Loan Disb	-452,304.00
Jan 11, 2022	IDA-62510	Loan Disb	-408,440.88
Jul 21, 2022	IDA-62510	Loan Disb	1,196.69
Dec 16, 2021	IDA-62510	Int Charges	489.81
Dec 16, 2021	IDA-62510	Int Charges	489.81
Dec 16, 2021	IDA-62510	Int Charges	61,755.11
Dec 16, 2021	IDA-62510	Int Charges	61,755.11
Jul 6, 2020	IDA-62510	Loan Disb	102,468.98
Oct 27, 2020	IDA-62510	Loan Disb	174,416.06
Oct 27, 2020	IDA-62510	Loan Disb	62,016.84
Oct 27, 2020	IDA-62510	Loan Disb	53,427.44
Jun 15, 2019	IDA-62510	Int Charges	47.39
Jun 15, 2019	IDA-62510	Int Charges	47.39
Jun 15, 2019	IDA-62510	Int Charges	162.02
Jun 15, 2019	IDA-62510	Int Charges	162.02
May 28, 2019	IDA-62510	Loan Disb	700,000.00
Sep 13, 2019	IDA-62510	Loan Disb	37,903.24
Mar 19, 2020	IDA-62510	Loan Disb	344,305.38
Mar 9, 2020	IDA-62510	Loan Disb	2,124.93
Mar 9, 2020	IDA-62510	Loan Disb	199,714.16
Mar 6, 2020	IDA-62510	Loan Disb	21,403.20
Oct 22, 2018	IDA-62510	Loan Disb	43,166.56
May 14, 2019	IDA-62510	Loan Disb	6,898,499.00
May 14, 2019	IDA-62510	Loan Disb	2,600,000.00
May 13, 2019	IDA-62510	Loan Disb	400,000.00
May 27, 2021	IDA-62510	Loan Disb	95,268.59
Oct 25, 2021	IDA-62510	Loan Disb	42,456.40
Oct 6, 2021	IDA-62510	Loan Disb	4,611.25
Nov 23, 2021	IDA-62510	Loan Disb	8,485.57
Aug 17, 2021	IDA-62510	Loan Disb	2,913.42
Jan 11, 2022	IDA-62510	Loan Disb	408,440.88
Jun 15, 2022	IDA-62510	Int Charges	61,334.01
Jun 15, 2022	IDA-62510	Int Charges	61,334.01
Jun 15, 2022	IDA-62510	Int Charges	530.78
Jun 15, 2022	IDA-62510	Int Charges	530.78
Mar 18, 2022	IDA-62510	Loan Disb	2,132.58
Mar 18, 2022	IDA-62510	Loan Disb	14,980.39
Mar 18, 2022	IDA-62510	Loan Disb	4,319.54
Apr 21, 2022	IDA-62510	Loan Disb	2,263,943.50
Dec 10, 2021	IDA-62510	Loan Disb	452,304.00
Feb 18, 2021	IDA-62510	Loan Disb	2,283.83
Feb 18, 2021	IDA-62510	Loan Disb	8,400.39
Dec 15, 2020	IDA-62510	Int Charges	593.25
Dec 15, 2020	IDA-62510	Int Charges	593.25
Dec 15, 2020	IDA-62510	Int Charges	57,965.99
Dec 15, 2020	IDA-62510	Int Charges	57,965.99
Mar 24, 2021	IDA-62510	Loan Disb	127,491.24
Jan 29, 2021	IDA-62510	Loan Disb	76,300.00
Mar 24, 2021	IDA-62510	Loan Disb	136,519.97
Mar 24, 2021	IDA-62510	Loan Disb	127,852.85
Jun 15, 2021	IDA-62510	Int Charges	1,452.51
Jun 15, 2021	IDA-62510	Int Charges	1,452.51

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name	Review	Date
Project Management	Moderately Satisfactory	2023-09-29
Financial Management	Moderately Satisfactory	2023-09-29
Monitoring and Evaluation	Moderately Satisfactory	2023-09-29
Progress towards achievement of PDO	Unsatisfactory	2023-09-29
Procurement	Moderately Satisfactory	2023-09-29
Overall Implementation Progress (IP)	Moderately Unsatisfactory	2023-09-29

COMPLETION RATINGS

INDICATOR	IMPLEMENTATION COMPLETION & RESULTS REPORT: 03-30-2024
Outcomes	Moderately Unsatisfactory
Risk to Development Outcome
Bank Performance	Moderately Unsatisfactory
Borrower Performance
Government Performance
Implementing Agency

INDEPENDENT EVALUATION RATINGS

INDICATOR	ICR REVIEW: 09-06-2024	PROJECT PERFORMANCE ASSESSMENT REPORT:
Outcome Rating	Moderately Unsatisfactory	N/a
Risk To Development Outcome		N/a
Bank Performance	Moderately Unsatisfactory	N/a
Borrower Performance		N/a
Government Performance		N/a
Implementing Agency		N/a
Icr Quality	Substantial	N/a
M&e Quality	Modest	N/a

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Reduced public financing to SOEs - including transfers from the budget and capitalization (% of GDP) Value 10.90 11.40 6.00
Date December 29, 2017 September 16, 2022 December 31, 2025
Comment
Improved operating margin of CVA Value 144.00 408.00 80.00
Date December 29, 2017 September 16, 2022 December 31, 2025
Comment
Annual public revenues from SOEs (Millions USD - in tax payments, dividends, concession payments, divestment proceeds) Value 5.00 22.20 20.00
Date December 31, 2017 September 16, 2022 December 31, 2025
Comment

INTERMEDIATE RESULTS INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

IRI1: Comprehensive SOE policy adopted Value Current (2016) SOE framework law outlines general Delayed SOE Policy adopted by council of Ministers
Date December 29, 2017 September 16, 2022
Comment
IRI 12: Improved social housing (class A) rent collection Value na 90.00 80
Date April 30, 2021 December 31, 2025 December 31, 2024
Comment
IRI2: Implementation and utilization of the SOE financial database Value UASE operates general excel sheet with basic aggre Achieved Achieved
Date December 29, 2017 May 1, 2023 May 1, 2023
Comment
IRI 13 IFH business plan informed by the institutional, organizational, and business review adopted Value No Yes Yes
Date April 30, 2021 December 31, 2025 December 31, 2024
Comment

IRI3: Strengthened legal framework for debt management with a greater emphasis on contingent liabilities	Value	Fragmented debt management legislative framework	Achieved	Debt management legislation approved
	Date	December 29, 2017	September 16, 2022	December 28, 2018
	Comment

IRI 14 Increase the satisfaction of class A housing beneficiaries	Value	na	50 percent increase in overall level of satisfacti	40 percent increase in overall level of satisfacti
	Date	April 30, 2021	December 31, 2025	December 31, 2024
	Comment

IRI4: Review of SOE Portfolio and structuring oversight/holding of SOEs	Value	Some individual performance reviews carried out as	Achieved	Restructuring and/or privatization plan prepared
	Date	December 29, 2017	May 1, 2023	November 15, 2019
	Comment

Satisfaction rate from female beneficiaries Value na 50 percent increase 40 percent increase
Date April 30, 2021 December 31, 2025 December 31, 2024
Comment

IRI5: Fiscal risk monitoring reports on SOE portfolio published	Value	Annual report on contingent liabilities from 6 lar	Achieved	Consolidated SOE report with elements of previous
	Date	December 31, 2017	May 1, 2023	July 1, 2022
	Comment

IRI6: Citizen Feedback on SOE Reform Process with sex disaggregated data	Value	No information on citizen opinion	Information available on citizens' opinion on how	Information available on citizens' opinion on how
	Date	December 31, 2017	December 31, 2025	December 31, 2024
	Comment

IRI 7: SOE restructured or privatized Value 0.00 8.00 5.00
Date April 30, 2021 December 31, 2025 December 31, 2024
Comment
IR 8: Improved SOE financial accountability and transparency Value 0.00 100.00 80.00
Date April 30, 2021 December 31, 2025 December 31, 2024
Comment
IRI9 Improved capacity of SOE’s Board members including women Value 0.00 100.00 90.00
Date April 30, 2021 December 31, 2025 December 31, 2024
Comment
Female SOE Board members trained Value 0.00 100.00 90.00
Date April 30, 2021 December 31, 2025 December 31, 2024
Comment
IRI10 Enhance co climate benefits of SOE’s investment Value 0.00 100.00 80.00
Date April 30, 2021 December 31, 2025 December 31, 2024
Comment
IRI 11 Grievances received and addressed through the project GRM within the specified timeframe Value 0.00 100.00 100.00
Date May 31, 2021 December 31, 2025 December 31, 2024
Comment

Reduced public financing to SOEs - including transfers from the budget and capitalization (% of GDP)	Value	10.90	11.40	6.00
	Date	December 29, 2017	September 16, 2022	December 31, 2025
	Comment

Improved operating margin of CVA	Value	144.00	408.00	80.00
	Date	December 29, 2017	September 16, 2022	December 31, 2025
	Comment

Annual public revenues from SOEs (Millions USD - in tax payments, dividends, concession payments, divestment proceeds)	Value	5.00	22.20	20.00
	Date	December 31, 2017	September 16, 2022	December 31, 2025
	Comment

IRI1: Comprehensive SOE policy adopted	Value	Current (2016) SOE framework law outlines general	Delayed	SOE Policy adopted by council of Ministers
	Date	December 29, 2017	September 16, 2022
	Comment

IRI 12: Improved social housing (class A) rent collection	Value	na	90.00	80
	Date	April 30, 2021	December 31, 2025	December 31, 2024
	Comment

IRI2: Implementation and utilization of the SOE financial database	Value	UASE operates general excel sheet with basic aggre	Achieved	Achieved
	Date	December 29, 2017	May 1, 2023	May 1, 2023
	Comment

Satisfaction rate from female beneficiaries	Value	na	50 percent increase	40 percent increase
	Date	April 30, 2021	December 31, 2025	December 31, 2024
	Comment

IRI 7: SOE restructured or privatized	Value	0.00	8.00	5.00
	Date	April 30, 2021	December 31, 2025	December 31, 2024
	Comment

Female SOE Board members trained	Value	0.00	100.00	90.00
	Date	April 30, 2021	December 31, 2025	December 31, 2024
	Comment