The World Bank Board of Directors has approved the Safeguarding Access to Fiscal and Educational Resources Project (SAFER) with a grant of $24 million from the International Development Association (IDA). This initiative aims to address the fiscal crisis in São Tomé and Príncipe, ensuring the continued delivery of education services amid ongoing challenges in the energy sector.
The SAFER project is designed to support over 80,000 students by maintaining school services and ensuring timely salary payments for approximately 4,200 teachers and school administrators.
“The swift preparation and approval of this project demonstrates the World Bank’s commitment to support São Tomé and Príncipe ensure that the progress made in establishing an accessible and inclusive education system is not lost. It also shows the government’s commitment to implement the key reforms in the energy sector, needed to tackle the fiscal crisis,” said Juan Carlos Alvarez, the World Bank Country Manager for São Tomé and Príncipe.
In addition to educational support, SAFER will back essential reforms in the energy sector aimed at financial and operational sustainability. These measures include adopting a decarbonization plan, selecting a transaction advisor for outsourcing commercial functions of the Water and Electricity Public Company (EMAE), and completing a technical audit of EMAE's production inputs.
The International Development Association (IDA), established in 1960, provides grants and low to zero-interest loans to low-income countries. IDA has committed $552 billion since its inception, with annual commitments averaging about $36 billion over FY21-FY23. Approximately 75% of these funds are allocated to African nations.
For more information: https://ida.worldbank.org #IDAworks