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Cabo Verde will propose reconversion of part of foreign debt into climate funds – Minister of Finance

Santa Maria, Sep 16 (Inforpress) – Deputy Prime Minister and Minister of Finance Olavo Correia said Wednesday in the Sal Island that Cabo Verde will propose, along with the Small Island States, the reconversion of a part of foreign debt into climate funds.

Olavo Correia was speaking at the panel “How Africa goes to COP26: ensuring a multilateral governance framework to serve Africa”, in the framework of the 9th Conference on Climate and Development in Africa, which takes place in Santa Maria, under the theme “A Fair transition to a green recovery and blue resilient”.

According to the ruler, the Small Island Countries are faced with the unique challenges, the size of their population, the fragmentation of the territory and also the impact of climate change.

Thus, he argued that “it would be at all rational” that, in addition to the GDP-income per capita criteria, the concept of vulnerability should be introduced into the debate, because all Small Island Countries are confronted with economic, social and environmental vulnerabilities.

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