• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

World Bank supports economic recovery through resilient Tourism and Blue Economy investments in Cabo Verde

3 years ago
in Business, Features, highlights, Home, home-news, latest News, Tourism
2 min read
0 0
0
66
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

World Bank supports economic recovery through resilient Tourism and Blue Economy investments in Cabo Verde

The World Bank has approved an International Development Association credit in the amount of US$30 million for the five-year Resilient Tourism and Blue Economy Development in Cabo Verde Project. 

Complementary co-financing of US$5 million will be provided through a grant from the Global Program for the Blue Economy Multi-Donor Trust Fund.

Cabo Verde’s tourism sector has seen exceptional growth in the last two decades and is a crucial driver of growth and job creation, reaching an estimated 25 percent of GDP. The Covid-19 pandemic represented a major setback with arrivals collapsing by 75 percent in 2020, affecting tourism and ancillary sectors particularly hard.

In addition to the unparalleled economic shock, the pandemic also highlighted structural challenges in the tourism sector, including overconcentration of arrivals in two islands and a single market segment, weak local supply chain linkages, and environmental sustainability issues—particularly in coastal areas.

As authorities pursue a “build back better” motto, there is a real opportunity to address these challenges. In this context, the proposed project supports the national vision and strategies -namely the Tourism Operational Program and the National Investment Plan for the Blue Economy – to promote sustainable tourism and conservation of natural resources with benefit to local communities.

The project will thus contribute to critical objectives, namely improving the diversity of the tourism sector’s offerings across more islands and market segments (measured by an increase in average daily tourism spending and overnight stays in the targeted emerging destinations), as well as enabling greater participation and linkages of local communities in the positive economic spillovers brought about by tourism (measured by additional product and service supply contracts by local businesses in the hospitality value chain).

RelatedPosts

CHAN 2024: Kenya Holds Angola to Draw While DR Congo Claims Vital Win Over Zambia

Teen Sensation Victoria Mboko Stuns Naomi Osaka to Claim Maiden WTA 1000 Title at Canadian Open

Government Unveils Plan to Grow Textile and Garment Industry to $2bn by 2033

The selected integrated and cross-sectoral project interventions for this first phase will span destinations in four islands (Santiago, Santo Antão, São Vicente and Sal) and will include: 

  •  the development of selected resilient tourism and blue economy infrastructure (upgrading of trekking trails, heritage sites, seafront promenades, fishing piers and market, and a critical access road),
  • support to the local SME sector and women-led enterprises to provide demand-driven and sustainable services and products to the tourism value chain, leveraging particularly the potential associated with the blue economy in Cabo Verde; 
  • support to the enabling environment (including international destination marketing, enhanced policy and territorial planning, improved statistics collection, enhanced sustainability and management of tourism sites and services, and support to gender-informed mainstreaming and policies).

“The World Bank is thrilled to support Cabo Verde’s vision and strategy for economic recovery and diversification by unlocking the combined potential of tourism and blue economy activities. The targeted investments in resilient infrastructure as well as the complementary interventions aimed at strengthening SMEs are designed to catalyze increased economic spillover from tourism across islands and market segments, all the while enabling better and more sustainable linkages and value-added for local communities and businesses,” said Eneida Fernandes, Resident Representative for Cabo Verde.

Tags: International Development AssociationResilient Tourism and Blue Economy DevelopmentWorld BankWorld Bank supports economic recovery through resilient Tourism and Blue Economy investments in Cabo Verde
No Result
View All Result

Highlights

Top 10 African Countries With The Least Recovery in GDP From the COVID Year to 2025

GSE Ends Thursday’s Session Higher as Market Capitalisation Gains GHS 2bn

President Mahama’s Speech as he Addresses Nation After Military Helicopter Crash [Full Text]

President Mahama Pledges Full, Transparent Probe into August 6 Military Helicopter Crash

State Funeral for Victims of Military Helicopter Crash Scheduled for August 15 – President Mahama

Black Box of Crashed Military Helicopter Recovered – Ashanti Regional Minister Confirms

Trending

Features

CHAN 2024: Kenya Holds Angola to Draw While DR Congo Claims Vital Win Over Zambia

August 8, 2025

CHAN 2024: Kenya Holds Angola to Draw While DR Congo Claims Vital Win Over Zambia The TotalEnergies...

Teen Sensation Victoria Mboko Stuns Naomi Osaka to Claim Maiden WTA 1000 Title at Canadian Open

August 8, 2025

Government Unveils Plan to Grow Textile and Garment Industry to $2bn by 2033

August 8, 2025

Top 10 African Countries With The Least Recovery in GDP From the COVID Year to 2025

August 8, 2025

GSE Ends Thursday’s Session Higher as Market Capitalisation Gains GHS 2bn

August 8, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.