africa Cape Verde Economy FDI Tourism

Foreign direct investment in Cabo Verde increases by 54% in Q1

Foreign direct investment in Cabo Verde reached 3.14 billion escudos (US$31.9 million) in the first quarter of 2019, an increase of 54.61% year-on-year, the Bank of Cabo Verde reported in its Statistics Bulletin.

Portugal was the country whose companies invested most in the archipelago in the first three months of the year, with 542.6 million escudos, followed by the United Kingdom with 98.3 million escudos, Spain with 80.6 million escudos and Italy with 42.2 million escudos.

Foreign direct investment from January to March was mainly focused on the islands of São Vicente (823.7 million escudos), Sal (722.7 million escudos) and Santiago (672.1 million escudos) and the biggest sectors were tourism and tourism real estate (1.764 billion escudos) and trade (627.4 million escudos).

Cabo Verde in 2018 received foreign direct investment in the amount of 9.301 billion escudos (US$94.5 million), which was a decrease of 14.42% and 26.67% compared to the amounts recorded in 2017 and 2016, respectively. .

Spain was the country whose companies most invested in Cabo Verde last year, with 1.926 billion escudos, followed by Portugal with 1.004 billion escudos.

The island of Santiago attracted the most foreign direct investment in 2018, with 3.418 billion escudos, followed by Sal, with 2.032 billion escudos. The preferred sector was tourism and tourism real estate with 6.268 billion escudos, or 67% of the total.

Source: Macauhub

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