May 26th 2010
At the end of the IMF’s eighth undertaking to country, intended to evaluate financial management, the vice-director of the IMF’s Africa Division, Valerie Cerra, held a press conference in which she praised the economic and financial policies implemented by the Cape Verdean government.
Valerie Cerra said “With the policies it has used, Cape Verde managed to have a reserve that allowed it to react swiftly to the crisis and helped combat its negative effects. It faced the world economic crisis in a strong manner, consolidating the prudent economic measures that were called for and managing to obtain positive results.”
With this upbeat evaluation by the IMF, Valerie Cerra passed on the news that Cape Verde “will continue to have the support of international financial organizations, as it has fulfilled all of the accords it has signed.”
Minister for Finance, Cristina Duarte also mentioned that the results from the first quarter of 2010 were also analyzed and revealed “positive signs” in the archipelago economy, including the “increase in private consumption, the increase in investments and the slight increase in exports and re-exports.”
Duarte also stated it was the “eighth consecutive positive evaluation since Cape Verde signed the PSI with the IMF in 2006.”
Delighted with the glowing report from the IMF, Duarte stated that the government would make a “major effort” to continue this “very prudent management, because there is still a high level of uncertainty in the international context, namely in the euro zone, with recent events.”
Duarte continued by saying that in an international crisis some windows of opportunity can open for the development of the country, stressing “prudent management” as the way forward.

Formed in 2010 by residents of Santa Maria, the group intends to address many of the problems that the town currently faces by way of a petition to be presented to parliament by the formation of a municipality.

The group, ACMSM, has been heavily backed by several influential business owners in the town is chiefly campaigning for:

* Action to be taken to combat the issue of rubbish and waste
* Improvement to street lighting including the pier
* The creation of green recreational areas and pavements
* Houses painted and finished
* Connection of mains water, electricity & sewage to the indigenous population
* Development of the sewage system
* Improve quality of policing
* Renovation of the church & all public buildings including the cemetery
* A roof to be built for the sports centre
* Another secondary school in addition to a technical college
* Improvement in quantity of social housing

For more information visit the group’s website here (Portuguese)

A group of approximately 160 citizens of European Union and other European countries expressing their concern with a series of events and problems affecting their lives and their investments on the island of Boa Vista, According to a press release from Speaker of Parliament Aristides Lima’s office,

At the top of the list of concerns was the lack of security, “sudden increases” in municipal property taxes, problems related to land management and environmental protection, and residency authorization procedures and visa renewals for foreigners.

Petitioners have also requested a meeting with government and Boa Vista municipal authorities in order to clarify these situations and defend their interests. Lima, according to the press release, has sent letters to various entities, including the Prime Minister and the President of the Republic, informing them of the concerns expressed in the petition.

Land for sale in Cape Verde

The petro chemical giant Shell Oil plans to move out of Cape Verde. A total of 21 subsidiaries are up for sale across Africa, the chairman of Shell Oil Cape Verde, Emanuel St Aubyn stated. The massive multinational company will mainly focus on oil production and exploration, while separating from refining distribution and sale in Africa. St Aubyn also stated that the sale of Shell Cabo Verde would not affect commitments made by the subsidiary in relation to partnerships with Cape Verdean oil company Enacol and the Cape Verde state. The sales and restructure of the multination giant will also effect operations in Guinea, Kenya, Uganda, Morocco, Namibia, Madagascar, Mauritius Algeria, Ghana, Togo Tunisia, Egypt, the Ivory Coast, Burkina Faso, , Senegal, Mali, Tanzania, Botswana, and Reunion, as well as the liquid petroleum gas (LPG) business in South Africa.

About Cape Verde

The Portuguese trade and investment promotion agency, AICEP stated in Praia on Wednesday that there has been a rise of 7.5% in Portuguese companies exporting goods and services, bringing the total number of businesses to 3,689. João Pedro Pereira, the AICEP delegate told Portuguese news agency Lusa that the trend was for that number to increase as, until by the end of 2010, six Portuguese business missions were scheduled to visit Cape Verde, as well as 60 other individual companies.

Citing a study from the London Business School, which showed that SMEs move into international markets when their national market goes into recession or faces strong foreign competition. “That is proof of the idea that Cape Verde can be a great test for those companies that plan to move into the African market,” said Pereira The study also said that the companies move into international markets when they have an innovative product or service the domestic market has consolidated.

Officials in Praia, the Cape Verde capital, stated on Tuesday that the Prime Minister, José Maria Neves, is due to travel to Brussels on 13 April to analyze the development of the Special Partnership with the European Union.

The end of the meeting of the Local Supervision Group, the executive secretary of the Special Partnership between Cape Verde and the European Union, Eduardo Silva, said that the schedule for the visit had yet to be concluded, but mentioned that the high point would be a meeting with the European Commission President, José Manuel Durão Barroso.

The meeting was a follow up to the process of bilateral dialogue set up by the Special Partnership, whilst also analyzing other issues on the national and international agenda, said Silva
Cape Verde and the European Union Special Partnership, is overseen by a local supervision group, one of the mechanisms set up to supervise the process of execution of the Special Partnership. The group meets twice a year for discussion.

Economic recovery has helped open up Cape Verde’s real estate market, which pulled through the latest slump with its preferred status among investors still intact. European investors are drawn not only to the island nation’s idyllic scenery, but also its excellent political stability, close proximity to Europe and convenient air travel. . Buyer confidence is returning to the real estate market in Cape Verde indicating that it is coming out of the general property downturn that has hit even popular emerging markets.

Click here to download a copy of the Cape Verde guide for which includes everything from advice on employment to medical care & much more.

The report assesses the “economic impact of Travel & Tourism for 181 countries. It measures spending on Travel & Tourism by households, businesses, governments and foreign visitors, in order to capture fully the economic contribution of both domestic and international tourism, thereby quantifying Travel & Tourism’s contribution to gross domestic product (GDP) and employment.”

The following are the highlights of the report for Cape Verde presented in a 10 year forecast:

Gross Domestic Product (GDP)
2009: 27.6%
2019: 37.0%
The contribution of Travel & Tourism to Gross Domestic Product (GDP) is
expected to rise from 27.6% (CVE39.3 bn or US$497.0 mn) in 2009 to 37.0%
(CVE107.2 bn or US$1,243.1 mn) by 2019.

Employment
2009: 25.1%
2019: 33.6%
The contribution of the Travel & Tourism Economy to employment is expected to
rise from 24,000 jobs in 2009, 25.1% of total employment, or 1 in every 4.0 jobs to
40,000 jobs, 33.6% of total employment or 1 in every 3.0 jobs by 2019.

Growth
2009:-5.6%
2019: 7.7%
Real GDP growth for the Travel & Tourism Economy is expected to be -5.6% in
2009 and to average 7.7% per annum over the coming 10 years.

Exports
2009: 69.1%
2019: 70.8%
Export earnings from international visitors and tourism goods are expected to
generate 69.1% of total exports (CVE37.4 bn or US$472.7 mn) in 2009, growing
(nominal terms) to CVE105.9 bn or US$1,228.0 mn (70.8% of total) in 2019.

Capital Investment
Travel & Tourism Capital Investment is estimated at
CVE3.9 bn, US$49.6 mn or 6.2% of total investment in year 2009. By
2019, this should reach CVE8.8 bn, US$102.5 mn or 6.2% of total.

The report can be viewed in full at www.wttc.org

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