The French Development Agency has created a credit line of over 1 billion Cape Verdean Escudos (approximately 9 million euros) in order to allow local municipalities to finance local projects, namely improving infrastructure.

The announcement marks the second phase of a program, which originally allowed the local governments to promote tourism and improve water supply projects and will be managed by commercial banks. The director of the Department of Local Administration, Salomão Furtado, indicated that the program should be ready by the end of March or the beginning of April.

The French Development Agency is a major partner of Cape Verde, and is currently financing a water supply project in Santiago.

Source: A Semana

“Hilton will become the first upscale international brand to operate in Cape Verde, a region with encouraging economic and tourism growth projections, some liken to that of the Canary Islands. Expansion in Africa is key to Hilton’s development strategy, as is identifying new emerging destinations like Cape Verde. The new Hilton Worldwide Resort, located in the heart of the main resort area of Sal Island will draw visitors year round to enjoy an outstanding resort experience in fantastic sunny weather, and we are delighted to have signed this management agreement,” said Jean-Paul Herzog, president, Hilton Hotels, Middle East & Africa.

Hilton Cape Verde will be Hilton’s ninth property in Africa. The principal airport for Cape Verde is a short 18km (11.2 mile) drive from the resort. The three-storey new build beach resort will feature a spa, health club and swimming pool, in addition to a restaurant, two bars and a nightclub. For special events and business travel, the hotel will also house a ballroom, conference and meeting rooms, and a business centre.

Jacques Monnier, CEO, Vela Verde Tourismo SA said, “The signing of this agreement with Hilton is a clear indicator of Cape Verde’s economic and tourism potential. We are excited about bringing the first Hilton hotel to this archipelago that will offer a world-class guest experience and resort standards.”

“The Hilton Cape Verde is an exciting addition to our stellar resorts portfolio and to the greater collection of Hilton Hotels around the globe,” said Jeff Diskin, senior vice president, Brand Management – Hilton Hotels & Resorts. “We look forward to continued growth in Africa, across the continent’s incredible diversity of destinations, cultures and business opportunities.”

Hilton currently operates eight hotels in Morocco, Algeria, Nigeria, Ethiopia, Kenya, Cameroon and South Africa. Additional Hilton properties are under development in Africa in Equatorial Guinea (Malabo), Uganda (Kampala) and Ghana (Accra).

In the U.A.E, properties under development are the Residence, Beach Club and Conrad – all in Dubai, two Worldwide Resorts in Ras Al Khaimah, and the first Conrad Hotel in Abu Dhabi. The signed development pipeline also extends to Qatar, Kuwait, Lebanon and Jordan (Amman & Aqaba). Furthermore, the new-look Hilton Luxor Resort & Spa is scheduled to open after a complete facelift is completed in October 2008.

Hilton Hotels Corporation is the leading global hospitality company, with more than 2,900 hotels and 490,000 rooms in 76 countries and territories, including 100,000 team members worldwide.

The company currently operates 43 hotels in the Middle East and Africa – 18 hotels in Egypt, nine hotels in the UAE, four in Saudi Arabia and one each in Oman and Kuwait, plus another ten hotels in Africa and the Indian Ocean.

Hilton’s heritage in the Middle East stretches back nearly 50 years, when it became the first international hotel brand to open a property in Egypt – the Nile Hilton in 1959. It was also the first international hotel brand to open a property in the UAE over 35 years ago – the Hilton Al Ain in 1971 and has a signed development pipeline of an additional 15 properties across Middle East & Africa in the U.A.E, Qatar, Kuwait, Egypt, Lebanon, Jordan, Equatorial Guinea, Uganda and Ghana.

The Hilton Family of Hotels adheres to founder Conrad Hilton’s philosophy that, “It has been, and continues to be, our responsibility to fill the earth with the light and warmth of hospitality.” The company put a name to its unique brand of service that has made it the best known and most highly regarded hotel company: be hospitable®. The philosophy is shared by all brands in the Hilton Family of Hotels, and is the inspiration for its overarching message of kindness and generosity (www.behospitable.com)

Cape Verde’s national information agency, Inforpress, has announced the government is currently assembling a vast infrastructure programme capable of attracting public and private Arab investment, through Morocco. Read the full story

The national airline of Cape Verde, TACV, has announced that as of June it intends to service the high demand from Spanish tourists by providing a weekly direct flight from the Spanish capital to Sal.

The airline, which has been heavily promoting Cape Verde in recent months along with Cabo Verde Investmentos, the national agency for foreign investment, intends to make the prices “competitive”, in order to boost tourism.

Cape Verde government revokes the bank’s operating license as Banco Insular is stripped of its status as an international financial institution

According to Cape Verde’s National Press website, Banco Insular, which has been connected with one of the largest financial scandals in Portuguese history, failed to meet “prudential norms, namely regarding the replacement of own funds, respect for the solvability ratio limit and respect for the credit risk concentration limit.”

In addition, the bank “has not respected the deadlines established by supervising authorities regarding the submission of annual reports and the presentation of audited accounts, with no plausible justification.”

Banco Insular was created in 1997 and began its activities in Cape Verde in the second half of 1998. In 2002, it was acquired by Insular Holding Limited in London.

Source (A semena)

The government of Cape Verde, in partnership with infrastructure development company InfraCo, plans to increase energy production in the country by setting up four wind farms, the director-general for Energy, Abraão Lopes, said in Praia.

Cited by Cape Verdean news agency Inforpress, Lopes said that the farms, which represent an investment of 50 million euros, will be set up on the islands of Santiago, Sal, Boavista and Sao Vicente, and will have capacity to generate 28 megawatts.

“The project is being carried our in its entirety by the Government and its partner. The tender has been launched and all technical studies and preliminary conditions for its implementation carried out,” said Lopes.

At the moment, the contract phase for supply of machines and installation was underway, Lopes said, adding that so far four proposals had been received from international companies, with which Cape Verde is negotiating.

Meanwhile the director-general for Energy has said the next step is to identify a partner to manage the park as, according to him, neither the State nor state electricity company Electra will manage this company.

InfraCo is a company that develops infrastructures with funding from donors, acting as an “honest intermediary” and balancing the interests of government, national and international private companies and providers of funding.

InfraCo’s capital is obtained via subscriptions from members of the Private Infrastructure Development Group (PIDG), which currently is made up of the development agencies of Austria, Ireland, the Netherlands, Sweden, Switzerland, the United Kingdom and the World Bank.

Source: macauhub

Cape Verdean investment agency, Cabo Verde Investimentos (CVI) approved 19 investment projects in 2008, as compared to 13 projects in 2007, representing an increase of 46 percent year on year, CVI said in a statement issued in Praia.

The statement said that the amount of foreign direct investment (FDI) in 2008 almost doubled against 2007, from 1.149 billion euros in 2007 to 2.639 billion euros last year.

Tourism remained the sector to attract most investment, accounting for 99 percent of total FDI in 2008 as compared to 97 percent the previous year.

Cabo Verde Investimentos said that by country of origin, there was a clear predominance of investment from northern European countries as compared to southern Europe.

Until 2006 investments mainly arrived from Portugal, Spain and Italy, but in the last few years the United Kingdom, Ireland, Sweden and Belgium have gained in importance.

Investments approved in 2008 from Ireland accounted for 47 percent of the total.

The islands of Sal (19.3 percent) and Santiago (68 percent), are the islands to attract most investment in2 008, whilst in 2007 Sal (42 percent), Boavista (38 percent) and S. Vicente (18 percent) accounted for almost all the investments approved.

In 2009 Cabo Verde Investimentos expects that several projects will be launched, including Baía das Gatas Resort, Salamansa Sands, Fortim, Cesária Resort in S. Vicente, Porto da Murdeira, Calheta Bay, Murdeira Beach and others on Sal, as well as other that have already been approved.

Source:macauhub