Cabo Verde Advocates for Africa’s Future at World Bank and IMF Meetings

Cabo Verde Takes Center Stage at World Bank and IMF Meetings, Advocates for Africa’s Future

Washington, Oct. 17, 2025 (Lusa) — In a significant display of leadership, Cabo Verde has utilized its role as chair of the World Bank (WB) and International Monetary Fund (IMF) Board of Governors to spotlight critical issues affecting Africa’s future, including concessional financing and climate change. This pivotal moment comes during the IMF and WB Annual Meetings in Washington, where Cabo Verde’s Deputy Prime Minister and Minister of Finance, Olavo Correia, expressed pride in the nation’s achievements over the past 50 years.

“Cabo Verde today is an example in many areas,” Correia stated in an exclusive interview. He highlighted the nation’s recognition for good governance, transparency, and economic growth, positioning it as a leader on the African continent despite ongoing challenges. “This makes us stronger, but it is also a great responsibility,” he added.

Cabo Verde’s leadership extends beyond the Board of Governors; the country also chairs the Small States Forum and has participated as a special guest in G7 discussions. During these meetings, Correia engaged with key figures, including the President of the World Bank Group and the Managing Director of the IMF, to advocate for issues vital to small island states and the broader African community.

“We will take advantage of this moment to convey a message of positivity regarding the African continent and small states,” Correia emphasized. He underscored the importance of addressing public debt, investment, climate change, and the need for access to concessional financing—particularly from the International Development Association (IDA), which provides financial support to the world’s poorest nations.

However, Correia noted a concerning trend: a reduction in IDA activity globally, as donor countries grapple with domestic challenges. He called for the creation of conditions that would allow nations to access both national and international markets, particularly through the Multilateral Investment Guarantee Agency (MIGA), which offers risk mitigation for foreign investments in developing countries.

“Only then will Cabo Verde be able to secure the funds necessary for investments in critical areas such as transport, connectivity, energy, and health,” he explained. The minister stressed the urgency of these investments, particularly for the youth, who are demanding immediate results rather than waiting decades for change.

In addition to financial needs, Correia highlighted the pressing impact of climate change on small states, advocating for a transformative approach to ensure that these nations can develop sustainably. “It’s not just about asking for more money; it’s about creating a future where our people can live with dignity,” he asserted.

As Cabo Verde continues to lead discussions at this global forum, the nation remains committed to not only its own progress but also to championing the needs of Africa and small island states on the world stage. The outcomes of these discussions could shape the future of development financing and climate action for years to come.