22 September 2016
The government of Cabo Verde (Cape Verde) should promote fiscal consolidation, reduce public debt and make the economy grow, said on Wednesday in Praia the head of the mission of the International Monetary Fund (IMF) that visited the archipelago. Ulrich Jacoby noted as negative factors for the economic development of Cabo Verde the occurrence of five years of weak economic growth, the archipelago's dependence on the euro and the economic crisis affecting the Eurozone.
15 September 2016
Macau Chief Executive Fernando Chui Sai On, said in Lisbon that his government is studying the creation of a complex in Macau which will incorporate the various initiatives that are underway to promote Macau as a platform between China and Portuguese-speaking countries . According to a statement from the Government Information Bureau (GCS), the centre will be housed in a single building and bring together interests in economic and commercial areas, offering services for companies, organisation of fairs, meetings and cultural exhibitions and professional training.
8 September 2016
8 September 2016
The legal recovery plan presented by the board of Brazilian telecommunications group Oi includes the sale of shares previously held by Portugal Telecom in Angola, Cabo Verde (Cape Verde) and Timor-Leste (East Timor), the Portuguese press reported. The plan was approved by the board of Oi, but has yet to be approved by the judge responsible for bankruptcy proceedings and to be negotiated with creditors as it involves a debt of 65.4 billion reais (US$20.4 billion).
6 September 2016
30 August 2016
The Government of Cabo Verde has authorised a loan of 100 million escudos (US$1 million) that airline Transportes Aéreos de Cabo Verde (TACV) plans to take on from Banco Cabo-Verdiano de Negócios (BCN). The loan will cover TACV's commitments related to contracts signed with Everjets and Elix Aviation Capital, said the government resolution published in the Official Bulletin and cited by weekly newspaper A Semana.
29 August 2016
The president of the Business Confederation of the Community of Portuguese Speaking Countries (EC-CPLP), Salimo Abdula, said the 52nd edition of the Maputo International Fair (Facim) will be an opportunity to show that Mozambique plans to replace imports with exports. Abdula gave assurances that Facim Moçambique is another opportunity to receive new technologies from different parts of the world, but especially to showcase available resources, which when they are explored, worked and processed in a sustainable way can generate employment and economic growth.
29 August 2016
The new president of Cabo Verde TradeInvest, Ana Lima Barber, said municipalities are "strategic partners to promote the new image of Cabo Verde (Cape Verde) abroad" speaking recently at the inaugural session of TradeInvest's board. Charting a scenario where the State's domestic saving "is currently below 10% of GDP, domestic demand is much higher than what we produce, the external deficit is around 35% of GDP," among other unfavourable aspects, Lima Barber said financing of the economy was the economy's main challenge.
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).