Cabo Verde

Trade between China and Portuguese-speaking countries falls 18 pct in January

7 March 2016

China and the eight Portuguese-speaking countries began 2016 with a year on year fall of 18.69 percent in trade in January, which totalled US$6.158 billion, according to Chinese official figures published in Macau. Trade with Brazil totaled US$4.419 billion (-20.61 percent), with China exporting goods worth US$1.682 million (-17.89 percent) and importing goods worth US$2.737 billion (-22.19 percent).

Dubai consortium builds hotel complex in Cabo Verde

4 March 2016

A consortium from Dubai will invest about US$70 million in construction of a hotel complex on the island of Fogo, Cabo Verde (Cape Verde), called "Aloe Vera Resort & Spa," reported Cape Verdean weekly newspaper A Semana. The consortium members are investors from Austria, Germany, Italy and the United Arab Emirates (UAE) that Sunday concluded a five-day visit to Cabo Verde and the island of Fogo, during which they presented the project to the municipal authorities.

Cabo Verde has over 200 hotel units in 2015

4 March 2016

Cabo Verde (Cape Verde) in 2015 had 226 hotel units in operation, representing a year on year fall of 1.3 percent, reported the National Statistics Institute (INE) of the archipelago. INE, which Thursday released the results of its annual hotel sector inventory, also said that the hotel units in operation had an accommodation capacity of 10,626 rooms, 18,055 beds and 22,954 places, which represented decreases of 2.0 percent, 0.7 percent and 0.9 percent, respectively compared to 2014.

Trade between China and Portuguese-speaking countries falls by 25.73pct in 2015

2 March 2016

The value of trade between China and the Portuguese-speaking countries fell by 25.73 percent in 2015 to US$98.474 billion, a real loss of US$34.106 billion, according to official Chinese figures. The only positive changes in the value of trade occurred in Timor Leste (East Timor - US$106.67 million or +76.48 percent) and Sao Tome and Principe (US$7,9 million or +37.99 percent).

UN supports Cabo Verde with new annual plan

1 March 2016

The government of Cabo Verde (Cape Verde) and the United Nations signed the annual work plan for 2016, estimated to cost over US$19.4 million, at a ceremony held Monday in Praia, the capital of the archipelago. The plan, which was signed by the Minister of Foreign Affairs, Jorge Tolentino and the resident coordinator of the United Nations, Ulrika Richardson, intends to follow up the priorities identified in the cooperation strategy of the United Nations with Cabo Verde for the 2012-2017 period.

Cabo Verde government appoints first official Gaming Bureau team

29 February 2016

The government of Cabo Verde (Cape Verde) has named the first team to lead the country's Gaming Bureau (IGJ), under an order of the Ministry of Tourism, Investment and Business Development, published in the Official Bulletin. The Inspector General was named as José Augusto Cardoso Monteiro, who was part of the framework of the Directorate General of Tourism, and the Assistant Inspector General, Carlos Miguel Teixeira, of the General Inspectorate of Economic Activities.

Cabo Verde takes on loan in France to modernise Sal power station

29 February 2016

The government of Cabo Verde (Cape Verde) has approved taking on a loan of 26 million euros to be granted by the French Development Agency to finance the modernisation works of the power plant of Palmeira, on Sal Island, reported Cape Verdean weekly newspaper A Semana. The loan provided by the French Development Agency (Agence Française de Développement, AFD) will be paid back over a period of 15 years, after a five-year grace period, in 30 consecutive half-yearly installments.

Bank of Cabo Verde rejects sale of Banco Internacional de Cabo Verde

26 February 2016

The Bank of Cabo Verde (BCV) has rejected the purchase of 100 percent of the capital of Banco Internacional de Cabo Verde (BICV) by Groupe Norwich, according to a statement released Thursday in Praia. The basis for the refusal is "the lack of information" about the group owned by Portuguese businessman Jose Veiga, whom the Bank of Cabo Verde had already denied an application for the establishment of a bank "of a similar nature due to not meeting legal requirements."

Cabo Verde inspects companies in the tourism sector

23 February 2016

Cabo Verde's (Cape Verde) travel agencies will be audited in the first phase of an operation launched Monday in Praia by the Central Tourist Authority (ATC), the ATC said in a statement. This first phase, which for two months will cover more than 100 travel agencies in nine islands of the archipelago, will be succeeded by another which will focus on hotel establishments and other tourism operators.

Bolloré group negotiates sub-concession of four ports in Cabo Verde

22 February 2016

Negotiations between the government of Cabo Verde (Cape Verde) and French group Bolloré for sub-concession of four of the archipelago's ports should be completed by the end of the month, said the Expresso das Ilhas newspaper. The French group was the only party that did not give up the international tender launched by the government of Cabo Verde for concession of the ports of Praia, Porto Grande (São Vicente), Sal-Rei (Boa Vista) and Palmeira (Sal) .

Sale of Banco Internacional de Cabo Verde cancelled by the Bank of Portugal

18 February 2016

The Bank of Portugal has vetoed the sale of Banco Internacional de Cabo Verde (BICV) to businessman Jose Veiga following investigations related to the operation, "with a view to protecting the reputat…

Cabo Verde receives 569,000 tourists in 2015

17 February 2016

Cabo Verde (Cape Verde) in 2015 received over 569,000 tourists, a figure which represents an annual increase of 5.5 percent, the National Institute of Statistics of the archipelago reported Tuesday. These same tourists accounted last year for more than 3.7 million overnight stays, an increase of 8.6 percent year on year, with the UK being the main country of origin of tourists and whose nationals remained in Cabo Verde longest, with an average of 8.9 nights.

Cabo Verde seeks investment to attract retired Europeans

16 February 2016

Cabo Verde (Cape Verde) wants to attract European pensioners seeking sunnier climes to spend their retirement, said Prime Minister José Maria Neves, on presenting the Afro-Verde 1 investment fund Monday in Luxembourg. The fund, which will be headquartered in Luxembourg and has been presented at a meeting held in the Luxembourg Chamber of Commerce, aims to attract an investment of around 100 million euros for six tourism and real estate sector projects in Cabo Verde, two of which are aimed at pensioners.

PM of Cabo Verde launches investment fund in Europe

15 February 2016

The Prime Minister of Cabo Verde (Cape Verde) is making a tour of three European countries, Luxembourg, France and Portugal, which aims to launch the Afro-Verde investment fund, the archipelago's press reported. The venture capital fund, which aims to mobilise about 100 million euros for investment in tourism and real estate in Cabo Verde, is due to be launched Monday, at the premises of the Luxembourg Chamber of Commerce.

Cabo Verde seeks financing for investment fund in Luxembourg

12 February 2016

Cabo Verde (Cape Verde) next week in Luxembourg plans to present Fundo de Investimentos Afro-Verde 1 (African Green Investment Fund 1), a partnership between the government and the private sector to finance projects in the northern part of the archipelago, the Prime Minister announced recently. Cited by Cape Verdean press, José Maria Neves said the Afro-Verde 1 was the first large fund to finance economic projects in the region, which includes the islands of Santo Antão, São Vicente and São Nicolau.

Macau businessman lays first stone of tourist complex in Cabo Verde

11 February 2016

The first stone of the tourism project in the islet of Santa Maria in Praia, the capital of Cabo Verde (Cape Verde), was laid Monday by Chinese businessman David Chow who is also consul of the archipelago in Macau, the Cape Verdean press reported. The Prime Minister of Cabo Verde, who attended the ceremony, said this project would make Cabo Verde reach a higher level of tourism, developing both tourism and other economic sectors and creating many jobs.

Only one company interested in management of Cabo Verde’s ports

5 February 2016

Enapor - Portos de Cabo Verde is negotiating to hand over the management of the main ports of the country on a sub-contractor basis with the only interested arty that has not given up on the international tender, Cape Verdean newspaper Expresso das Ilhas reported. The newspaper also wrote that all the other companies that initially expressed interest had dropped out, according to information from Enapor.

Consumer confidence in Cabo Verde falls in 4th quarter of 2015

4 February 2016

Cabo Verde's (Cape Verde's) consumer confidence indicator in the fourth quarter of 2015 recorded the lowest value of the series, falling year on year, the National Statistics Institute (INE) of Cabo Verde said Wednesday. On publishing the Monthly Economic Consumer Survey for the last quarter of 2015, INE said that both the economic situation of families and the country negatively evolved in the same quarter.

Cape Verde is highest-ranked Portuguese-speaking country in the Index of Economic Freedom

3 February 2016

Cabo Verde (Cape Verde), in 57th place with 66.5 points out of a possible 100, is the highest-ranked Portuguese-speaking country in this year's Index of Economic Freedom, drawn up by the Heritage Foundation and The Wall Street Journal, published Tuesday. The Heritage Foundation highlights Cabo Verde's successes with restructuring the rule of law, which facilitated its transition to a more open and flexible economic system and highlights the strong protection of property rights, contrary to what happens in other economies in Sub-Saharan Africa.

Cabo Verde creates Tourism and Investment Agency

28 January 2016

The government of Cabo Verde (Cape Verde) announced the creation of the Cabo Verde Tourism and Investment Agency designed to provide better conditions to attract more foreign investment, promote domestic investment, and diversify and qualify the tourism sector, which contributes 20 percent to Gross Domestic Product (GDP). Júlio Morais, former Cabo Verde Ambassador to China, who will chair the Tourism Agency said it would focus efforts and resources on the mobilisation of "adapted and innovative funding mechanisms" for small and medium-sized Cape Verdean companies.

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