Spanish group invests over 200 million euros in Cape Verde

20 September 2007

Praia, Cape Verde, 20 Sept – A Spanish consortium plans to invest over 220 million euros on the Cape Verdean island of Boa Vista, including the construction of a 2,000 room hotel, according to a protocol signed Wednesday in Praia.

The investment is the biggest ever in Cape Verde and involves Sociedade de Desenvolvimento Turístico das Ilhas da Boa Vista e do Maio (Sdtibm) and Spanish consortium Bucan, from the canary islands, made up of Cabocan, which has investments on Sal island, and hotel chain Riu, which is also Spanish.

The project will cover 450 hectares of the island, which has a total area of 820 square kilometres and a population of around 5,000, and according to Sdtibm chairman João Serra, will transform teh island by 2020.

The protocol includes construction of a road between the north and south of the island 9construction due to begin in April 2008), production and supply of water and electricity to the entire island, as well as sanitation and support for the most needy sections of the population in order to bring an end to shanty towns and renew the most rundown areas.

As well as a five-star Riu group hotel, with 2,000 rooms, the group will also build a 500-room hotel.

In the short term, investments in Boa Vista will total 223 million euros, but Sdtibm and the Bucan group expect that, after equipping the island with infrastructures, investments from other groups could total 600 million euros. (macauhub)