Praia, Oct. 21, 2024 (Lusa) - Cabo Verde's deputy prime minister and also minister of finance, Olavo Correia, will be sworn in as chairman of the Board of Governors of the World Bank and the International Monetary Fund (IMF) during the annual meetings that begin on Monday in Washington.

Olavo Correia's appointment was announced in July and the Cabo Verdean government sees it as "a recognition of Cabo Verde's growing role on the global stage, as well as the country's leadership capacity in financial and economic matters".

The World Bank is like a cooperative, made up of 189 member countries. These member countries, or shareholders, are represented by a Board of Governors, who are the ultimate policymakers at the World Bank. Generally, the governors are member countries' ministers of finance or ministers of development.

"This position also offers the opportunity to strengthen partnerships and promote initiatives that benefit not only Cabo Verde, but the entire African region," it added in a statement.

The country took the opportunity to reaffirm its commitment "to good governance and sustainable development, serving as an example for other African nations".

In addition to the WB and IMF, Olavo Correia's agenda in the US includes meetings with officials from the African Development Bank (AfDB), the Arab Bank for Economic Development in Africa (BADEA), the Kuwait Fund, the Saudi Fund, the Export-Import Bank of China, the Africa 50 group and the African Finance Corporation (AFC), among other partner organisations.

The Cabo Verdean delegation includes the governor of the Central Bank, the director-general of the Treasury, the national director of Planning and the leader of the Special Projects Management Unit (UGPE).

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