26 August 2016
24 August 2016
Reducing public spending and increase tax revenues are amongst the measures announced by the Cabo Verde (Cape Verde) Finance Minister to bring an end to the budget deficit, which currently stands at between 5% and 7% of gross domestic product (GDP), according to the Cape Verdean press. Cabo Verde collects around 34 billion escudos in taxes (20% of GDP), but spends 60 billion escudos, leading to a deficit that, even after capital and current revenues, totals between 5% and 7% of GDP.
16 August 2016
About 40,000 people or 10.5 percent of Cabo Verde’s working age population are employed in the informal sector of the economy, 85 percent of them permanently, indicates a report on the year 2015 issued by the Bank of Cabo Verde. In the urban environment, informal activities were mainly carried out by women with an average age of 40 years and an educational level corresponding to the six years of mandatory education.
15 August 2016
11 August 2016
The Cabo Verdean government and the Luxembourg Development Cooperation Agency (LuxDev) have chosen the Canary Islands Technological Institute (ITC) to draw up technical plans for rural electrification projects in the Cabo Verde islands, reports the newspaper A Semana. The ITC’s mission will be to develop a sustainable plan for micro-networks with renewable energies and micro-network projects for rural communities in the Santiago Island interior, which still does not have an electric power network.
8 August 2016
Angola and Cabo Verde are planning technical cooperation in the area of maritime and port security per the terms of a protocol signed by both countries in Luanda, reports Angop news agency. The protocol signed by the two country’s maritime and ports agencies calls for Cabo-Verdean experts to give courses in Angola, while Angolan personnel will receive training in maritime, port and navigation security, among others, in that island country.
8 August 2016
Cabo Verde’s public debt amounted to 199.5 billion escudos at the end of March and 205.9 billion escudos (US$2.070 billion) at the end of July 2016, the Bank of Cabo Verde indicates in a recently released report. The GDP of Cabo Verde (Cape Verde) stood at US$1.630 billion (162.1 billion escudos at the current exchange rate) at the end of 2015, according to the World Bank.
28 July 2016
Twenty-five executives and technicians from the traditional medicine sector in Brazil, Cabo Verde (Cape Verde), Guinea-Bissau, Mozambique, Portugal and Timor-Leste (East Timor) took part in a symposium in Macau organised by the Training Centre of the Forum for Economic and Trade Cooperation between China and Portuguese-speaking Countries (Macau), according to official information. The conference, which began on 18 July was held at the Guangdong-Macau Traditional Chinese Medicine Industry-park, whose facilities were visited on Wednesday by the executives and technicians in order to see current development.
21 July 2016
The creation of a deposit guarantee and other response mechanisms to crises in the banking sector on Monday in Praia brought together officials from the Bank of Cabo Verde (Cape Verde) and commercial banks operating in the archipelago, local media reported. At that meeting, the Cape Verdean central bank introduced the others to the basis for the draft Law on the Deposit Guarantee Fund, which is intended to boost the credibility of the banking system.
19 July 2016
The pace of economic growth in Cabo Verde (Cape Verde) continued to accelerate in the second quarter of 2016, having developed positively over the same of last year, reported the National Statistics Institute (INE) of the archipelago. Announcing the figures from the Monthly Economic Survey of Economic Agents for the second quarter, the INE also said that the economic climate is favourable.
18 July 2016
Cape Verdean public transport company Solatlantico will receive ten Volkbus 17.210 buses purchased in Brazil from MAN Latin America to add to the passenger transport network in Praia, the capital of the Cabo Verde (Cape Verde) archipelago. Henrique Duarte, managing partner of operator SolaAtlantico, told the Cape Verdean press that after an initial purchase of 16 Volkbus 9.150, "which have had an excellent performance," it was decided to acquire 10 units of the new model from the Brazilian company that manufactures MAN and Volkswagen commercial vehicles.
15 July 2016
The European Union (EU) will donate 18 million euros to Cabo Verde (Cape Verde) to support projects to combat unemployment, which affects about 16% of the workforce, 34% of them young people, announced the President of the Employment and Vocational Training Institute. Vargas Melo said that the amount in question is an expense included in the 11th European Development Fund (EDF) for the project to combat unemployment in African Countries with Portuguese as an Official Language (PALOP) and Timor-Leste (East Timor).
14 July 2016
Cabo Verde's (Cape Verde's) budget deficit this year is expected to be 5.2% of GDP, an increase of 1.5 percentage points compared to a previous forecast, the Minister of Finance said in parliament. Minister Olavo Correia, presenting the draft State Budget law for 2016 on Wednesday, which will be applied only in the last five months of the year, said that this is a budget with a tax margin of "almost zero."
14 July 2016
The Cabo Verde (Cape Verde) Chamber of Tourism will take on the role of exclusive promoter of the West African archipelago's tourism, a responsibility that so far had been shared with Cabo Verde Investimentos, said the re-elected president of the institution. Gualberto do Rosário said at the end of a meeting with Prime Minister Ulisses Correia e Silva the measure aims to "provide more effective tourism promotion of the archipelago."
7 July 2016
7 July 2016
The Meliá Salamansa, a five-star resort and hotel due to be built on the island of Sao Vicente in Cabo Verde (Cape Verde), is scheduled to open in 2018, according to an announcement from the Meliá Hotels International group. According to information released by the group, Meliá Salamansa, which will be built in the fishing village of the same name, northeast of the city of Mindelo, will be the fifth hotel the group has built in Cabo Verde, after the Meliá Dunas, Melia Tortuga, Meliá Llana and Meliá White Sands, offering a total of 3,140 beds.
6 July 2016
Portuguese group Mota-Engil has started construction of a school on the outskirts of Sao Tome, the capital of Sao Tome and Principe, funded by Taiwan and costing an estimated US$5 million. The new school, designed for secondary and pre-university education, is located in Lobata district, 12 kilometres from the capital Sao Tome, and the ceremony to lay the first stone took place Tuesday.
1 July 2016
The Gross Domestic Product (GDP) of Cabo Verde (Cape Verde) grew by 5.8 percent in the first quarter of 2016, an annual increase of 3.9 percentage points or a percentage change of 205 percent, according to the archipelago's National Statistics Institute (INE). The information contained in the Quarterly National Accounts showed that the increase in GDP growth rate, which rose from 1.9 percent in the first quarter of 2015 to 5.8 percent this year, was mainly due to growth recorded in Agriculture, Hotels and Restaurants, Public Administration and Taxes net of subsidies.
27 June 2016
The economy of Cabo Verde (Cape Verde) is expected to post maximum growth of 4.5 percent in 2016, according to the draft State Budget approved Thursday by the country's government, the Minister for the Presidency of the Council of Ministers said in Praia. "The government projects growth of between 3.5 and 4.5 percent based on an increase in foreign direct investment (FDI), of productivity and confidence of economic agents," said Fernando Elísio Freire, estimating that the rate of inflation will be between 0.2 and 1.2 percent.
24 June 2016
The island of Boa Vista, in Cabo Verde (Cape Verde), should have about 10,000 rooms for accommodation in 2022, an increase of over 300 percent compared to 2,438 existing rooms, according to official forecasts. Projections from the Tourism Development Corporation of the Islands of Boa Vista and Maio, cited by weekly newspaper A Semana, show that from 2,438 existing rooms, Boa Vista is expected to reach 3,908 rooms in 2017 and 5,739 in 2018, based on investments already started and the projects that will be launched in the near future.