Macau investment creates expectations in Cabo Verde

31 October 2017

Macau businessman David Chow plans to expand his interests in Cabo Verde (Cape Verde), building up the expectations of the government and the local business community that these investments will have positive repercussions on the Cape Verdean economy.

The Africa Monitor Intelligence newsletter reported that Chow, who is already involved in the construction of the largest hotel enterprise in the Cape Verdean capital, is now buying up agricultural properties in the interior of the island of Santiago, to supply of food to the hotels in the country and also for export.

According to Africa Monitor, citing business sources, the businessman plans to purchase of an area of about 1,500 hectares, which would make his company the largest agricultural producer in Cabo Verde, a country which is largely dependent on imports.

The expectation in business circles is that the agricultural project will boost the sector and bring in new investments, particularly international, complementary or competing investments.

The construction of the businessman’s “anchor” project, a complex on the islet of Santa Maria, promoted by Macau Legend Development Ltd and built by a Chinese company, is underway and four floors of the resort’s office building have already been erected. The hotel, after changes to the initial design, will be 14 stories high.

The Africa Monitor also wrote that the Government of Cabo Verde has created exceptional conditions for the development of Chow’s projects, notably the appointment of a coordinator of the Cape Verdean committee monitoring the works of the hotel project.

This coordinator, Alberto Melo, was a councilman responsible for urbanism at Praia City Hall until September 2016 and is currently president of the capital-s Municipal Assembly as well as being responsible for Tourism Development Zones and non-executive director of the Tourism Fund.

The financial sector is also in Chow’s sights as in May he signed a memorandum of understanding with the government for the creation, in Cabo Verde, of the Banco Sino-Atlântico bank, through which the entrepreneur intends to attract Chinese capital, give support to small and medium-sized enterprises in the country and facilitate local and international payments, in line with the economic policy set by the government.

The deadline set for the submission of the project to the Bank of Cabo Verde, the central bank, is six months, and developments in the project are therefore expected in November. (macauhub)