Cape Verde: World Bank recommends investment in tourism and fishing

24 November 2005

Praia, Cape Verde, 24 Nov – The fishing, tourism and financial services sectors are those with greatest potential for development in cape Verde, says the Financial Agency of the World Bank (WB), while questioning the sustainability of investment in transport.

In a report handed in to the Government, drawn up according to the parameters of the Millennium Challenge Account, the World Bank considers that air and sea transport, one of the focuses of the Cape Verde government to develop the archipelago, are not among, “the best opportunities for private operators”.

For the WB the transport sector does not guarantee a return of more than 10% as recommended by the Millennium Challenge for private investment.

The Cape Verde government has been developing the strategy of setting the archipelago up as sea and air transport hub, making it a platform to link Europe and the African continent.

To that end the country is developing its infrastructures including the building of new airports on the islands of São Vicente and Boavista. In September the country’s second airport, in the capital of Praia, began receiving international flights. (macauhub)