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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...

* The project abstract is drawn from the PAD, SAR or PGD and may not accurately reflect the project's current nature

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Development Objective

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

Key Details

Project Details

  • P160796

  • Closed

  • Yousif Elmahdi

  • REPUBLIC OF CABO VERDE

  • Cabo Verde

  • March 23, 2018

  • (as of board presentation)

    June 4, 2018

  • October 22, 2018

  • US$ 20.00 million

  • Special Projects Management Unit, Ministry of Finance,State Commercial Sector Oversight Unit (UASE), Ministry of Finance,Ministry of Finance

  • Western and Central Africa

  • 2018

  • US$ 20.00 million

  • C

  • March 30, 2024

  • September 30, 2023

  • Yes

  • BANK APPROVED

  • Notes

Finances

Financing Plan (US$ Millions)

No data available.
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

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No data available.
Financier Approval Date Closing Date Principal Disbursed Repayments Interest, Charges & Fees

Detailed Financial Activity as of February 28, 2025

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No data available.
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

INDICATORIMPLEMENTATION COMPLETION & RESULTS REPORT: 03-30-2024
OutcomesModerately Unsatisfactory
Risk to Development Outcome
Bank PerformanceModerately Unsatisfactory
Borrower Performance
Government Performance
Implementing Agency

INDEPENDENT EVALUATION RATINGS

INDICATORICR REVIEW: 09-06-2024PROJECT PERFORMANCE ASSESSMENT REPORT:
Outcome RatingModerately Unsatisfactory N/a
Risk To Development OutcomeN/a
Bank PerformanceModerately UnsatisfactoryN/a
Borrower PerformanceN/a
Government PerformanceN/a
Implementing AgencyN/a
Icr QualitySubstantialN/a
M&e QualityModestN/a

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATORBASELINECURRENTTARGET
  • Reduced public financing to SOEs - including transfers from the budget and capitalization (% of GDP)Value10.9011.406.00
    DateDecember 29, 2017September 16, 2022December 31, 2025
    Comment
  • Improved operating margin of CVAValue144.00408.0080.00
    DateDecember 29, 2017September 16, 2022December 31, 2025
    Comment
  • Annual public revenues from SOEs (Millions USD - in tax payments, dividends, concession payments, divestment proceeds)Value5.0022.2020.00
    DateDecember 31, 2017September 16, 2022December 31, 2025
    Comment

INTERMEDIATE RESULTS INDICATORS

INDICATORBASELINECURRENTTARGET
  • IRI1: Comprehensive SOE policy adoptedValueCurrent (2016) SOE framework law outlines general DelayedSOE Policy adopted by council of Ministers
    DateDecember 29, 2017September 16, 2022
    Comment
  • IRI 12: Improved social housing (class A) rent collectionValuena90.0080
    DateApril 30, 2021December 31, 2025December 31, 2024
    Comment
  • IRI2: Implementation and utilization of the SOE financial databaseValueUASE operates general excel sheet with basic aggreAchievedAchieved
    DateDecember 29, 2017May 1, 2023May 1, 2023
    Comment
  • IRI 13 IFH business plan informed by the institutional, organizational, and business review adoptedValueNoYesYes
    DateApril 30, 2021December 31, 2025December 31, 2024
    Comment
  • IRI3: Strengthened legal framework for debt management with a greater emphasis on contingent liabilitiesValueFragmented debt management legislative frameworkAchievedDebt management legislation approved
    DateDecember 29, 2017September 16, 2022December 28, 2018
    Comment
  • IRI 14 Increase the satisfaction of class A housing beneficiariesValuena50 percent increase in overall level of satisfacti40 percent increase in overall level of satisfacti
    DateApril 30, 2021December 31, 2025December 31, 2024
    Comment
  • IRI4: Review of SOE Portfolio and structuring oversight/holding of SOEsValueSome individual performance reviews carried out asAchievedRestructuring and/or privatization plan prepared
    DateDecember 29, 2017May 1, 2023November 15, 2019
    Comment
  • Satisfaction rate from female beneficiariesValuena50 percent increase40 percent increase
    DateApril 30, 2021December 31, 2025December 31, 2024
    Comment
  • IRI5: Fiscal risk monitoring reports on SOE portfolio publishedValueAnnual report on contingent liabilities from 6 larAchievedConsolidated SOE report with elements of previous
    DateDecember 31, 2017May 1, 2023July 1, 2022
    Comment
  • IRI6: Citizen Feedback on SOE Reform Process with sex disaggregated dataValueNo information on citizen opinionInformation available on citizens' opinion on how Information available on citizens' opinion on how
    DateDecember 31, 2017December 31, 2025December 31, 2024
    Comment
  • IRI 7: SOE restructured or privatizedValue0.008.005.00
    DateApril 30, 2021December 31, 2025December 31, 2024
    Comment
  • IR 8: Improved SOE financial accountability and transparencyValue0.00100.0080.00
    DateApril 30, 2021December 31, 2025December 31, 2024
    Comment
  • IRI9 Improved capacity of SOE’s Board members including womenValue0.00100.0090.00
    DateApril 30, 2021December 31, 2025December 31, 2024
    Comment
  • Female SOE Board members trainedValue0.00100.0090.00
    DateApril 30, 2021December 31, 2025December 31, 2024
    Comment
  • IRI10 Enhance co climate benefits of SOE’s investmentValue0.00100.0080.00
    DateApril 30, 2021December 31, 2025December 31, 2024
    Comment
  • IRI 11 Grievances received and addressed through the project GRM within the specified timeframeValue0.00100.00100.00
    DateMay 31, 2021December 31, 2025December 31, 2024
    Comment