Dand according to the most recent monthly statistical reports from the Banco de Cabo Verde (BCV), from January to March this year, the archipelago raised more than 2,286 million escudos (20.8 million escudos) in foreign investment – mainly in the tourism sector -, a record that compares with almost 2,282 million escudos (20.7 million euros) in the same period of 2021.
FDI in the first quarter of the year was 2 million escudos for Portugal, with 4.7 million escudos (4.7 million escudos), an increase to the 339.2 million escudos (3 million escudos) Portuguese in the archipelago in the first three months of 2021.
Lusa previously reported that Foreign Direct Investment in Cape Verde increased by 38.2% in 2021, year on year, to more than 85 million euros, growth driven by Portugal.
A previous report by the BCV states that the archipelago raised more than 9,485 million escudos (85.2 million euros) in foreign investment last year – more than half in the tourism sector -, a value that compares with the 6,859 million escudos (61.6 million euros) in 2020, already with the effects of the crisis caused by the covid-19 pandemic.
The FDI, which included capital gains, also reinvested in Cape Verde, 2021 holdings in 2021 in more than 2.64 million escudos (24 million euros), also essentially in the tourism sector of Portugal in relation to the values purchased in the previous year.
In 2020, Portuguese FDI in Cape Verde was 1,322 million escudos (11.9 million euros), according to historical data from the BCV.
Overall, FDI in Cape Verde fell by 33.7% in 2020, an impact justified by the constraints caused by the covid-19 pandemic.
FDI from Spain in Cape Verde fell from 1,226 million escudos (11.1 million euros) in 2020 to 244.6 million escudos (2.2 million euros) in 2021.
In the history of IDE in Cape Verde, Portugal and Spain have been leading the way for several years.
According to data from the Agency for Investment and Foreign Trade of Portugal, the Portuguese community in Cape Verde develops activities in the areas of commerce, including food and beverage distribution, hotels and restaurants, civil and metal construction, among others.
Spain’s investments in the archipelago are mainly related to the fishing and hotel sectors.
In 2019, before the covid-19 pandemic, global FDI in Cape Verde was more than 10,355 million escudos (93 million euros).
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