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Portugal will invest in the Cape Verdean, a Portuguese-speaking ex-colony to fund climate and energy transition. This is being done by repaying Cape Verde’s debt. Cape Verde owes Portugal around 600 million euros
Portugal will invest in the Cape Verdean, a Portuguese-speaking ex-colony to fund climate and energy transition. This is being done by repaying Cape Verde’s debt. Cape Verde owes Portugal around 600 million euros. The agreement states that each time a part of the debt is paid off, the amount will be reinvested in the country in its entirety. This investment could reach 12 million euros by 2025.
António Costa, Portuguese PM said that Portugal will convert debt into what becomes Cape Verde’s capacity to invest in the energy transition and in combating climate change. Cape Verde’s hopes that, by 2030, more than 54% of energy production will result from renewable energies. Currently, the island nation imports about 80% of the fuels it consumes.
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https://trendsnafrica.com/cape-verde-president-visits-angola/
The economy of Cape Verde is a service-oriented economy focused on commerce, trade, transport and public services. The services sector contributes more than 74 percent of the GDO, followed by manufacturing 18 percent and agriculture 8 percent.
