China-Africa Development Fund to invest US$25 mln in Cape Verde

The China-Africa Development Fund (CADF) is willing to fund a minimum of US$25-million worth projects in Cape Verde, mainly in the field of tourism, Portuguese news agency Lusa reported.

The President of CI – Agency Tourism and Cape Verde Investment, Júlio Morais, made the announcement on Tuesday, in the Cape Verdean capital, Praia. He was speaking to reporters during a session with representatives from CADF and with local business people.

A delegation from CADF began its visit to Cape Verde on Sunday. The purpose of the trip is to explore new investment opportunities in the African nation.

“There is a great need [for funding] in Cape Verde; the challenge is to adapt the [local] projects to the fund’s profile,” Mr Morais said, as quoted by the news agency. He also said “the Cape Verdean business sector has to professionalize itself and become more self-reliant”.

The main constraints the African nation’s entrepreneurs currently face are related to their financial capacity to make an initial investment; their ability to develop projects; and their capacity to do market research in advance of a project’s launch, Mr Morais added.