AfDB Chief Hails Cape Verde's 'Policy-Induced' Development

African Development Bank President Donald Kaberuka has praised Cape Verde for its development achievements, which have led the country to graduate from low-income to middle-income country.

According to AfDB, Cape Verde is the first example in Africa of “policy-induced graduation” instead of natural resources-fueled graduation. The country is considered resource-poor, with its arid Sahelian climate and minimal arable land.

“Rich natural resources endowment does of course help, but here is evidence that no matter how bad the initial conditions, with good governance, solid institutions, and a peaceful political and social climate, take off is possible,” said Kaberuka while visiting Cape Verde.

With its middle-income country status, Cape Verde has gained larger access to all AfDB windows, which the bank said would help the government continue implementing its Economic Transformation Strategy. For the 2010-2013 period, AfDB has earmarked around 110.38 million euros (USD146.7 million) as sustainable ceiling of funding for the African nation under the bank’s non-concessional window.

About the author

  • Eliza Villarino

    Eliza Villarino is an associate editor for Devex and leads the company's news team in Manila. She played a critical role in conceptualizing the Development Newswire. Prior to joining Devex in 2004, she has already published articles and news briefs for Internet media organizations and for the Institute for Ethics and Economic Policy at Fordham University in New York. She earned her bachelor's in political science and master's in public affairs from the University of the Philippines. Eliza is a member of Mensa Philippines.