Access to Finance for Micro, Small and Medium-Sized Enterprises Project

Abstract*

The development objective of the Access to Finance for Micro, Small and Medium-Sized Enterprises (MSMEs) Project for Cabo Verde is to increase access to finance to MSMEs. This project has four components. 1) The first component, Partial Credit Guarantee Fund to Enhance MSME Finance, aims to finance activities to support the establishment and operationalization of a PCG fund to improve access to finance for MSMEs. 2) The second component, Technical... Show More

Development Objective

The objective of the Project is to maintain and increase access to finance to MSMEs in the context of the COVID-19 economic shock.

Key Details

Project Details

Project ID
P163015
Status
Closed
Team Leader
Mazen Bouri
Borrower 2
Ministry of Finance

Country
Cabo Verde
Disclosure Date
May 30, 2017
Approval Date
(as of board presentation)
February 15, 2018
Effective Date
June 20, 2018

Total Project Cost 1
US$ 15.00 million
Implementing Agency
Unidade de Gestao de Projectos Especiais
Region
Western and Central Africa
Fiscal Year 3
2018

Commitment Amount
US$ 15.00 million
Environmental Category
F
Environmental and Social Risk
Not Applicable
Closing Date
June 30, 2023

Consultant Services required
Yes
Last Stage Reached
BANK APPROVED
Last Update Date
March 12, 2024

Associated Projects
P174898

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 - Finance

FY17 - Financial Infrastructure and Access80%
- FY17 - Credit Infrastructure3%
- FY17 - MSME Finance77%

FY17 - Private Sector Development

FY17 - Enterprise Development20%
- FY17 - MSME Development20%

Project Map

Interactive Map

Finances

Financing Plan (US$ Millions)

Financier	Commitments
IDA Credit	15.00

Total Project Financing (US$ Millions)

Product Line	IBRD/IDA
IBRD Commitment	N/A
IDA Commitment	15.00
IBRD + IDA Commitment	15.00

Lending Instrument
Grant Amount	N/A
Total Project Cost**	15.00

Summary Status of World Bank Financing (US$ Millions) as of June 30, 2025

No data available.

Detailed Financial Activity as of June 30, 2025

Download:

Period	Financier	Transaction Type	Amount (US$)
Jun 30, 2023	IDA-61820	Loan Disb	984,200.00
Jan 15, 2024	IDA-61820	Int Charges	763.94
Jan 15, 2024	IDA-61820	Int Charges	763.94
Jan 15, 2024	IDA-61820	Int Charges	52,705.42
Jan 15, 2024	IDA-61820	Int Charges	52,705.42
Jan 3, 2024	IDA-61820	Loan Disb	-7,075.30
Jan 15, 2024	IDA-68290	Int Charges	288.52
Jan 15, 2024	IDA-68290	Int Charges	288.52
Jan 15, 2024	IDA-68290	Int Charges	32,757.42
Jan 15, 2024	IDA-68290	Int Charges	32,757.42
Jan 2, 2024	IDA-68290	Loan Disb	-68,911.97
Jan 3, 2024	IDA-61820	Loan Cancel	7,144.27
Jul 15, 2024	IDA-61820	Int Charges	52,572.56
Jul 6, 2020	IDA-61820	Loan Disb	54,315.97
Jul 15, 2020	IDA-61820	Int Charges	36,312.67
Jul 15, 2020	IDA-61820	Int Charges	36,312.67
Jul 15, 2020	IDA-61820	Int Charges	281.93
Jul 15, 2020	IDA-61820	Int Charges	281.93
Feb 16, 2021	IDA-61820	Loan Disb	795,035.25
Feb 11, 2021	IDA-61820	Loan Disb	50,142.68
Jan 29, 2021	IDA-61820	Loan Disb	3,500.41
Jan 29, 2021	IDA-61820	Loan Disb	98,352.98
Jan 29, 2021	IDA-61820	Loan Disb	32,707.57
Jan 19, 2021	IDA-61820	Int Charges	1,219.74
Jan 19, 2021	IDA-61820	Int Charges	42,195.79
Jan 19, 2021	IDA-61820	Int Charges	42,195.79
Jan 19, 2021	IDA-61820	Int Charges	1,219.74
Mar 11, 2021	IDA-61820	Loan Disb	1,395.68
Mar 11, 2021	IDA-61820	Loan Disb	71,671.41
Jul 15, 2021	IDA-68290	Int Charges	12,007.19
Jul 15, 2021	IDA-68290	Int Charges	12,007.19
Jul 15, 2021	IDA-61820	Int Charges	46,297.72
Jul 15, 2021	IDA-61820	Int Charges	46,297.72
Jul 15, 2021	IDA-61820	Int Charges	607.48
Jul 15, 2021	IDA-61820	Int Charges	607.48
Apr 9, 2021	IDA-68290	Loan Disb	5,998,790.50
Jul 19, 2021	IDA-61820	Loan Disb	18,440.00
Aug 19, 2021	IDA-61820	Loan Disb	16,042.72
Jun 20, 2018	IDA-61820	Loan Disb	200,475.00
Jan 16, 2019	IDA-61820	Int Charges	103.29
Jan 16, 2019	IDA-61820	Int Charges	103.29
Jan 16, 2019	IDA-61820	Int Charges	736.97
Jan 15, 2020	IDA-61820	Int Charges	19,484.64
Jan 15, 2020	IDA-61820	Int Charges	19,484.64
Mar 25, 2020	IDA-61820	Loan Disb	39,689.74
Mar 25, 2020	IDA-61820	Loan Disb	62,864.13
Feb 5, 2020	IDA-61820	Loan Disb	4,861,090.00
Jan 15, 2020	IDA-61820	Int Charges	2,244.60
Jan 15, 2020	IDA-61820	Int Charges	2,244.60
May 22, 2020	IDA-61820	Loan Disb	285,034.94
Jan 15, 2023	IDA-61820	Int Charges	45,073.62
Jan 15, 2023	IDA-61820	Int Charges	698.89
Jul 20, 2023	IDA-61820	Loan Disb	109,492.75
Aug 11, 2023	IDA-68290	Loan Disb	34,059.00
Jul 12, 2023	IDA-61820	Loan Disb	77,018.98
Aug 15, 2023	IDA-68290	Loan Disb	21,829.73
Aug 28, 2023	IDA-68290	Loan Disb	15,780.76
Aug 28, 2023	IDA-68290	Loan Disb	190,507.25
Jul 15, 2023	IDA-68290	Int Charges	32,381.12
Jul 15, 2023	IDA-68290	Int Charges	32,381.12
Jul 15, 2023	IDA-68290	Int Charges	761.09
Jul 15, 2023	IDA-68290	Int Charges	761.09
Jul 10, 2023	IDA-61820	Loan Disb	68,257.00
Jul 5, 2023	IDA-61820	Loan Disb	53,321.51
Jul 15, 2023	IDA-61820	Int Charges	1,278.70
Jul 15, 2023	IDA-61820	Int Charges	1,278.70
Jul 15, 2024	IDA-61820	Int Charges	52,572.56
Jul 15, 2024	IDA-61820	Int Charges	388.46
Jul 15, 2024	IDA-61820	Int Charges	388.46
Jul 15, 2024	IDA-68290	Int Charges	240.09
Jul 15, 2024	IDA-68290	Int Charges	240.09
Jul 15, 2024	IDA-68290	Int Charges	32,626.35
Jul 15, 2024	IDA-68290	Int Charges	32,626.35
Feb 15, 2018	IDA-61820	Loan Commitment	15,000,000.00
Feb 4, 2021	IDA-68290	Loan Commitment	10,000,000.00
Nov 29, 2022	IDA-61820	Loan Disb	54,069.15
Nov 22, 2022	IDA-61820	Loan Disb	19,765.03
Oct 20, 2022	IDA-61820	Loan Disb	3,533.40
Oct 20, 2022	IDA-61820	Loan Disb	59,783.76
Oct 20, 2022	IDA-61820	Loan Disb	34,596.92
Oct 20, 2022	IDA-61820	Loan Disb	45,612.67
Dec 6, 2022	IDA-61820	Loan Disb	83,429.93
Feb 16, 2023	IDA-61820	Loan Disb	111,442.46
Jan 15, 2023	IDA-61820	Int Charges	698.89
Jan 15, 2023	IDA-68290	Int Charges	301.80
Jan 15, 2023	IDA-68290	Int Charges	301.80
Jan 15, 2023	IDA-68290	Int Charges	30,433.51
Jan 15, 2023	IDA-68290	Int Charges	30,433.51
Feb 24, 2023	IDA-61820	Loan Disb	80,331.75
Jan 15, 2023	IDA-61820	Int Charges	45,073.62
Jan 16, 2019	IDA-61820	Int Charges	736.97
Jun 24, 2019	IDA-61820	Loan Disb	4,875,646.00
Dec 2, 2019	IDA-61820	Loan Disb	148,622.81
May 29, 2019	IDA-61820	Loan Disb	130,610.28
Jul 15, 2019	IDA-61820	Int Charges	738.12
Jul 15, 2019	IDA-61820	Int Charges	738.12
Jul 15, 2019	IDA-61820	Int Charges	6.62
Jul 15, 2019	IDA-61820	Int Charges	6.62
Nov 21, 2019	IDA-61820	Loan Disb	32,084.24
Sep 19, 2019	IDA-61820	Loan Disb	87,475.63
Jul 15, 2023	IDA-61820	Int Charges	48,340.15
Jul 15, 2023	IDA-61820	Int Charges	48,340.15
Jul 8, 2021	IDA-61820	Loan Disb	11,373.10
Jul 8, 2021	IDA-61820	Loan Disb	101,424.81
Jul 8, 2021	IDA-61820	Loan Disb	30,395.51
Apr 20, 2022	IDA-61820	Loan Disb	95,136.26
Mar 18, 2022	IDA-61820	Loan Disb	54,858.03
Jun 30, 2022	IDA-61820	Loan Disb	50,000.00
Jul 7, 2022	IDA-68290	Loan Disb	230,000.00
May 24, 2022	IDA-61820	Loan Disb	16,562.01
Jul 15, 2022	IDA-68290	Int Charges	43.65
Jul 15, 2022	IDA-68290	Int Charges	43.65
Jul 15, 2022	IDA-68290	Int Charges	20,729.85
Jul 15, 2022	IDA-68290	Int Charges	20,729.85
Jul 15, 2022	IDA-61820	Int Charges	92.25
Jul 15, 2022	IDA-61820	Int Charges	92.25
Jul 15, 2022	IDA-61820	Int Charges	44,562.27
Jul 15, 2022	IDA-61820	Int Charges	44,562.27
May 13, 2022	IDA-61820	Loan Disb	9,015.54
Jan 25, 2022	IDA-61820	Loan Disb	36,293.61
Jan 25, 2022	IDA-61820	Loan Disb	14,946.17
Aug 3, 2022	IDA-68290	Loan Disb	2,700,000.00
Jan 15, 2022	IDA-68290	Int Charges	119.01
Jan 15, 2022	IDA-68290	Int Charges	119.01
Jan 15, 2022	IDA-68290	Int Charges	22,083.91
Jan 15, 2022	IDA-68290	Int Charges	22,083.91
Jan 15, 2022	IDA-61820	Int Charges	443.81
Jan 15, 2022	IDA-61820	Int Charges	443.81
Jan 15, 2022	IDA-61820	Int Charges	46,487.75
Jan 15, 2022	IDA-61820	Int Charges	46,487.75
Jan 25, 2022	IDA-61820	Loan Disb	18,923.25
Jan 25, 2022	IDA-61820	Loan Disb	74,881.85
Oct 4, 2022	IDA-61820	Loan Disb	96,536.28
Nov 2, 2020	IDA-61820	Loan Disb	20,685.27
Nov 2, 2020	IDA-61820	Loan Disb	15,298.46
Nov 2, 2020	IDA-61820	Loan Disb	228,873.69
Nov 2, 2020	IDA-61820	Loan Disb	4,785.58
Nov 2, 2020	IDA-61820	Loan Disb	32,765.94
Jul 6, 2020	IDA-61820	Loan Disb	63,409.76

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name	Review	Date
Progress towards achievement of PDO	Satisfactory	2023-06-27
Financial Management	Satisfactory	2023-06-27
Monitoring and Evaluation	Satisfactory	2023-06-27
Overall Implementation Progress (IP)	Satisfactory	2023-06-27
Project Management	Satisfactory	2023-06-27
Procurement	Satisfactory	2023-06-27

COMPLETION RATINGS

INDICATOR	IMPLEMENTATION COMPLETION & RESULTS REPORT: 02-09-2024
Outcomes	Substantial
Risk to Development Outcome
Bank Performance	Substantial
Borrower Performance
Government Performance
Implementing Agency

INDEPENDENT EVALUATION RATINGS

INDICATOR	ICR REVIEW: 06-07-2024	PROJECT PERFORMANCE ASSESSMENT REPORT:
Outcome Rating	Satisfactory	N/a
Risk To Development Outcome		N/a
Bank Performance	Satisfactory	N/a
Borrower Performance		N/a
Government Performance		N/a
Implementing Agency		N/a
Icr Quality	Substantial	N/a
M&e Quality	Substantial	N/a

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Number of approved guarantees for micro, small and medium enterprises Value 0.00 2167.00 1800.00
Date February 15, 2018 June 30, 2023 January 31, 2023
Comment
of which share of micro and small enterprises affected by the COVID-19 crisis Value 0.00 41.00 0.00
Date
Comment
of which share of women-led enterprises Value 0.00 0.00 0.00
Date February 15, 2018 April 25, 2018
Comment
of which share of micro and small enterprises Value 0.00 77.00 0.00
Date
Comment
Percentage of adult individuals covered by the credit registry Value 19.00 35.00 22.00
Date February 15, 2018 June 30, 2023 January 31, 2023
Comment
Number of firms covered by the credit registry Value 3205.00 8316.00 4000.00
Date February 15, 2018 June 30, 2023 January 31, 2023
Comment
Amount of credit to MSMEs guaranteed Value 0.00 50300000.00 35000000.00
Date February 15, 2018 June 30, 2023 January 31, 2023
Comment
First-time MSMEs borrowers covered by the guarantee scheme Value 0.00 632.00 250.00
Date February 15, 2018 June 30, 2023 January 31, 2023
Comment
of which women-led enterprises Value 0.00 0.00 7.00
Date February 15, 2018 April 25, 2018
Comment
Number of co-investments in local firms in accordance with the approved financial, environmental and sustainability criteria Value 0.00 3.00 5.00
Date November 24, 2020 June 30, 2023 January 31, 2023
Comment

INTERMEDIATE RESULTS INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Number of signed PCG framework agreements with financial institutions Value 0.00 8.00 7.00
Date February 15, 2018 June 30, 2023 January 31, 2023
Comment
of which female-led enterprises Value 0.00 0.00 5.00
Date February 15, 2018 April 25, 2018
Comment
Positive financial net results by the PCG management entity (Pró-Garante) Value No Yes Yes
Date February 15, 2018 June 30, 2023 January 31, 2023
Comment
Businesses satisfied with the technical assistance received under the project Value 0.00 80.00 75.00
Date February 15, 2018 June 30, 2023 January 31, 2023
Comment
Of which, female-led enterprises Value 0.00 82.00 65.00
Date February 15, 2018 June 30, 2023 January 31, 2023
Comment
Number of businesses supported with technical assistance Value 0.00 488.00 200.00
Date February 15, 2018 June 30, 2023 January 31, 2023
Comment
Depth of credit information index Value 6.00 6.00 7.00
Date February 15, 2018 March 26, 2021 January 31, 2023
Comment
Percentage of beneficiaries that feel project activities reflected their needs (Citizen Engagement Indicator) Value 0.00 73.00 75.00
Date April 2, 2018 June 30, 2023 January 31, 2023
Comment

Mobilization of additional resources from a third party to support co-investments in SMEs by Pró-Capital/Pró-Impacto	Value	0.00	1500000.00	250000.00
	Date	November 24, 2020	June 30, 2023	January 31, 2023
	Comment

of which share of women-led enterprises	Value	0.00	0.00	0.00
	Date	February 15, 2018	April 25, 2018
	Comment

Percentage of adult individuals covered by the credit registry	Value	19.00	35.00	22.00
	Date	February 15, 2018	June 30, 2023	January 31, 2023
	Comment

Number of firms covered by the credit registry	Value	3205.00	8316.00	4000.00
	Date	February 15, 2018	June 30, 2023	January 31, 2023
	Comment

Amount of credit to MSMEs guaranteed	Value	0.00	50300000.00	35000000.00
	Date	February 15, 2018	June 30, 2023	January 31, 2023
	Comment

of which women-led enterprises	Value	0.00	0.00	7.00
	Date	February 15, 2018	April 25, 2018
	Comment

of which female-led enterprises	Value	0.00	0.00	5.00
	Date	February 15, 2018	April 25, 2018
	Comment

Of which, female-led enterprises	Value	0.00	82.00	65.00
	Date	February 15, 2018	June 30, 2023	January 31, 2023
	Comment

Depth of credit information index	Value	6.00	6.00	7.00
	Date	February 15, 2018	March 26, 2021	January 31, 2023
	Comment