Africa

Cabo Verde


SDG Finance - Enabling Environment

Connecting blue economy actors: Generating employment, supporting livelihoods and mobilizing resources

Sustainable Development Goals
Total funding allocated
SDG Finance - Enabling Environment
US $ 713400
Co-funding by UN agencies
SDG Finance - Enabling Environment
US $ 811350

Brief Description

Cabo Verde as a small island development state is highly vulnerable to external shocks linked to climate change and global crises. The limited diversification of its economy and its heavy reliance on tourism to create jobs and incomes and fuel public finance makes it one of the most vulnerable country in the socioeconomic dimension. The limited development of different economic sectors with high potential, and the relatively high levels of poverty, despite a dramatic decrease in recent years, exacerbate these vulnerabilities at both country, businesses and households’ levels.  The project aims at unleashing the potential of the Blue Economy in Cabo Verde which is currently largely untapped. Blue Economy has been identified as an SDG accelerator in the country and the joint programme seeks to use this opportunity as an engine for socio-economic inclusion for the poor coastal communities in the island of Santiago, Cabo Verde, especially women and youth. The programme's  main objectives are to increase the income of youth and women in the pilot coastal communities by improving their access to innovation, decent jobs, markets, services and finance ; and to foster investments to finance blue economy income-generating projects, in particular impact and diaspora investments.

Approach

The project will bring together all the UN System knowledge and expertise, as well its capacity as a convening power to connect the different stakeholders of the blue economy, from poor coastal communities to international investors, from local private sector to relevant ministries and public agencies, to provide the skills and equipment needed to enhance socioeconomic inclusion in a thriving, sustainable and just blue economy.  The capacities, equipment and networks installed with support from the programme will allow for: the emergence of new business models in pilot coastal communities with a higher value added of ocean-based production; a better organization and upgraded production of selected value chains as well as increased access to market opportunities; and an improved access to credit and investment for producers and small businesses, leveraging new sources of finance such as impact investment and diaspora.

Quick facts

UN Agencies:

FAO, UNIDO, UNDP, IOM


National Partners:

Ministry of Finance and Ministry of Foreign Affairs and Communities


Duration:
April 2022- April 2024