African Development Bank Group Supports Cabo Verde's Investment Forum As It Targets €2 Billion in Investments

21 June 2022
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African Development Bank (Abidjan)
press release

The fourth edition of the Cabo Verde Investment Forum has successfully ended in Sal Island, with active support from the African Development Bank.

The Forum, held from 16-17 June 2022, was set up to accelerate private and public financial sector investments to drive sustainable economic growth and job creation in Cabo Verde.

The island nation's prime minister, Dr. Ulisses Correia e Silva, who presided over the two-day event, noted that it offers the island nation new avenues to mobilize partners and resources for local economic diversification and private sector investment. The Forum's goal for this year was to mobilize €2 billion in financing for projects in the tourism, agriculture, fishery, energy, digital, transport, youth, and SME sectors.

The African Development Bank Group sponsored and participated in various sessions at the Forum, including three plenary sessions on economic diversification and resilient recovery, mobilizing resources for building back better, stronger, and greener, and opportunities for the Blue Economy. A delegation from the Bank was also involved in several business-to-business and business-to-government sessions.

During a high-level dialogue held on the first day of the Forum, African Development Bank Regional Director General Marie Laure Akin Olugbade thanked the Cabo Verde government for inviting the Bank and for nurturing the long relationship over the decades.

"I am confident that the outcomes of this debate will help enrich the national agenda for an accelerated and resilient economic recovery, underpinned by a diversified and competitive private sector in Cabo Verde," she said in a video message. "The African Development Bank stands ready to accompany Cabo Verde in this complex but promising journey towards a higher-level, broad-based and inclusive development agenda to modernize the country and improve the living conditions of its people."

During the 2019 Cabo Verde Investment Forum, the African Development Bank was instrumental in the signing of the Country-Specific Lusophone Compact.

The Bank's current portfolio in Cabo Verde stands at around $98 million, covering its thematic development priorities known as the High 5s. Its operations and activities range from fisheries and aquaculture, trade facilitation and policy harmonization, to ports development and enhancement, money markets support and climate resilience.

About 200 participants attended this year's Cabo Verde Investment Forum. They included representatives of the World Bank, European Investment Bank, Arab Bank for Economic Development in Africa (BADEA), Africa Trade Insurance, Afreximbank, World Food Programme as well as diverse representation of the private sector and civil society groups.

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