Luanda Business Association to operate business park in the capital of Cabo Verde

25 September 2014

The Luanda Business Association (AEL) will set up and operate the Praia business park in Cabo Verde (Cape Verde) under the terms of an agreement signed with the Municipality of the Cape Verdean capital, Cabo Verde’s news agency Inforpress reported Wednesday.

To set up the business park, the Praia municipal council, PAtkgest and World Trade Centre Praia (WTCP) agreed to form a closed real estate investment fund intended to include the project to build the Business Park’s infrastructure and a hotel.

The Praia municipal council will put a 50-hectare plot of land into the fund with a value that will be determined by the fund’s valuer, the Bank of Cape Verde (BCV).

The contract also provides for the establishment of a management company made up of the municipal council and private investors, which will have a majority stake.

“For the World Trade Centre Praia project to be carried out we will install a number of industrial companies, allowing for more jobs and more business to be created,” said the president of the Luanda Business Association, Francisco Viana.

In order to provide capital for the fund Viana said raw materials such as cashews and cocoa could be transported to Cabo Verde to be re-exported either as raw materials or after processing.

The project is open to Cape Verdean investors, the mayor of Praia, Ulisses Correia e Silva said, for whom the location of the land in an area near Praia Airport is the “best”, as it is also near the port and the city centre.

World Trade Centre Praia will be home to light industry, logistics, services, information and communication, hotel and office services. (macauhub/AO/CV)