Portugal’s Banco Espírito Santo finances Cape Verdean real estate development

29 September 2006

Praia, Cape Verde, 29 Sept – Portuguese bank, Banco Espírito Santo (BES) plans to provide 120 million euros of funding for the Vila Verde real estate development in Cape Verde, which is being promoted by Tecnicil.

The partnership agreement between the bank and the real estate company, which is due to be signed Friday on the archipelago, outlines that half of the amount funded by BES is for construction while the remainder is for providing mortgages to customers of the tourist and residential development.

According to information published by the two companies, the sale of the development has already begun, and around 65 percent has been sold.

The Vila Verde Resort, due to be concluded in 2010, is focused on the foreign market and is made up of 1,300 housing units and 10,000 square meters of retail space.

The resort will be located at the entrance to the tourist village of Santa Maria on Sal island and cover an area of 45 hectares.

In July BRES began operating directly in Cape Verde, via an international offshore financial institution, but it aims to go into retail banking in the country and is preparing to open its first branch in Praia.

The bank’s investment plan also includes the real estate sector, as it is promoting a conference center, a five star hotel and an office building, where its headquarters will be located, all of which in the archipelago’s capital. (macauhub)