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1. Marie Lucas
PORTFOLIO PRESSE
FOREIGN POLICY
Special report - Cape Verde Mars 2010
CURIOUS MAGAZINE
GAME over (stadium) Automne 2005
Jeu de couleurs Automne 2005
Plastique... Automne 2005

2. Marie Lucas - Portfolio
FOREIGN POLICY
Presse internationale
Special report - Cape Verde Mars 2010

3. Special Advertising Supplement
March/April 2010
CAPE VERDE
Islands at the center of the world
One of the world’s smallest nations faces a moment of transformation. No longer a sleepy backwater, Cape Verde is now a middle income country and
the newest member of the WTO, with great plans to leverage its advantages and location for the 21st century.

4. Special Advertising Supplement
Introduction
“The Desire to Do More —
That Is the Engine of Growth”
Business and political leaders in Cape Verde are thinking strategically;
they see their country’s future in terms of its international advantages.
The goal is to find the right niche markets.
P
ick up just about any “How to something, then Cape Verdeans will soon
Succeed” book and the first thing ask why they can’t do it as well. This forces
you’ll read is about the importance of any government to do more and more.The
having a plan. Well, by that yardstick attitude of wanting to do more — that
Cape Verde is off to a good start. This tiny is the engine of growth for Cape Verde.”
African island nation, seemingly lost in the mid- Many Cape Verdeans reckon this global
dle of the Atlantic Ocean, has big ambitions outlook is rooted in their history. The islands
and a pretty fair idea of how to fulfill them. were uninhabited until 1462,when Portuguese
Less than two generations after winning sailors reaching farther and farther down the
independence from Portugal, and two Atlantic in their tiny caravels stumbled upon
decades after establishing a multi-party them and founded the first settlement. Quickly
democracy, Cape Verde is often hailed as a the archipelago’s position some 600 kilometers
beacon in a continent beset by seemingly off the west coast of Africa dictated a central
endless forms of bad government. but inglorious role for Cape Verde in globaliza-
“Few places... demonstrate the promise of tion — as a slave entrepôt on the route to the
Africa better than Cape Verde,” US Secretary New World.
of State Hillary Clinton said during a landmark
visit to the archipelago last year. “Some places Hub, hub, hurrah?
have certain aspects that can be comparable. Location has always been a dominant factor
But no place has put it all together, with good for Cape Verde, and it remains so today. But
governance, transparency, accountability, the now smart young Cape Verdeans with busi-
rule of law, a democracy that is delivering for ness degrees, not bullwhips, are in charge.
its people, lifting them out of poverty, putting They use words like “good governance,”
them now in a category of middle-income “leverage,” and “public-private partnership.”
countries in the world.” Some people look at the map, remember
Does Cape Verde have problems, amid the that the excellent deep-water harbor at
waving palms and idyllic beaches? Of course. Mindelo used to be an important 19th-cen-
The country’s per capita gross domestic prod- tury coaling station and a center for
uct (GDP) is just US$4,000, less than a tenth Atlantic navigation, and suggest that Cape
of the U.S. level. Unemployment, poverty, and Verde could become a 21st-century freight
inequality are all pretty high. And to make hub with container vessels transshipping
matters worse, there are few natural cargo for delivery up and down the West
A land of tradition (from top): a house in Boavista; resources, most land is no good for farming, African coast. Maybe, but it’s an idea that
a fish market; salt flats; a main avenue in Santiago (page 3). and some is little better than a desert. So what has yet to set the shipping world alight.
is there to be optimistic about? Others see a 21st-century hub, yes, but
“Cape Verdeans have an open outlook for modern offshore financial services.
toward the world,” said Prime Minister José And this is where good governance comes
Maria Neves. “If the United States does in. Cape Verde won praise from the
2 Cape Verde

5. Omar Camilo Special Advertising Supplement
Cape Verde 3

6. Special Advertising Supplement
Introduction
Pedro Pires
President, Republic of Cape Verde
“One Step
at a Time”
President Pedro Pires, a historic
leader of Cape Verde’s fight for
independence from Portuguese
colonial rule, looks with a certain
satisfaction at his country’s
progress and international
recognition. “I don’t know if this is
exactly what I dreamed of, but it is
the result of a lot of hard work.”
Pires is pleased that his country has
now laid down solid economic,
social, and institutional foundations International Monetary Fund in 2009 for tion from a top Brazilian business school,
on which to build its future. But, its economic management during the crisis. and many of the country’s movers and
when questioned about popular It has graduated from low to middle shakers speak pragmatically of incremental,
suggestions that his country could income status in U.N. tables and is joining grassroots improvements.
be on the threshold of some kind of the World Trade Organization. Several
“great leap forward,” Pires prefers years of focused government spending have Diaspora, fast-forward
a more cautious approach. “I think more than doubled average incomes over Textbooks describe Cape Verde as a place
we should move step by step. the last 20 years, in U.S. dollar terms, while with few natural resources, but many Cape
I guess I’m a gradualist, but increasing life expectancy. Verdeans speak of one resource that the text-
going one step at a time is Many of the problems that plague so many books ignore: their hundreds of thousands of
essential if we are always to African countries — corruption, political insta- fellow countrymen (and women) who live
consolidate what we achieve.” bility, and institutional insecurity — have been abroad, mostly in the United States. Many of
According to a biography largely resolved. So what better niche market them have levels of education and first-world
distributed by the president’s office, than offshore banking services, both for West business and professional experience that can
one of Pires’s earliest political Africans looking for a safe haven that is clos- be invaluable to their native land. One such
lessons was seeing his fellow er than the Caymans and international expatriate Cape Verdean has returned to the
citizens being taken, desperate and investors looking for a foothold into Africa? islands and started a company that he says
hungry, to work as contract farm The government has been investing can help transform the country.
laborers on São Tomé and Príncipe, heavily — heavily, that is, for a country of just “Cape Verdeans don’t know Cape Verde;
another Portuguese colony. Today 430,000 people — in ports and airports, they know the island where they were born, but
he applauds his country’s first including a US$38 million upgrade for the very few have traveled beyond that,” said Andy
university. “We must create national main airport. But the main goal is to promote de Andrade, one of the entrepreneurs
competence to carry the country tourism and inter-island travel and make behind “Cabo Verde Fast Ferry.” It might
forward, to progress.” import-export operations easier. Prime sound almost unreal to people living in a
Minister Neves holds a degree in administra- highly interlinked first-world society, but
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Glimpses of Cape Verde
(clockwise from top left):
Mindelo Harbor on São Vicente
Island; tropical produce at São
Vicente’s Municipal Market;
Fogo Island; the center of Praia,
the national capital,
on Santiago Island; the brand
new Poilão dam to help
improve water supply;
Sal Island, favorite haunt for
European sun worshippers.
Andrade thinks that sim-
ply providing regular 20-
knot ferries between the is-
lands can help change just about
everything. A tuna fisherman on one island will naturally help the tourist trade, which tourism throughout the archipelago.
be able to sell his excess catch on another, for currently tends to be concentrated in just a “I understand that each island in Cape
example. “Then he has more money to educate few centers. For example, the ferries will Verde can develop its own specific market.
his children, to feed his family, and he puts carry foreign visitors to more remote islands Some of the islands like Sal, Boavista, and
more money into the economy, so there’s a with potential for eco-tourism. Maio might look alike, but they can quite eas-
domino effect where one industry forces This is music to the ears of local business ily differentiate their product.”
another to grow, and people are less dependent baron Gualberto do Rosário, who has ma- In one location he sees a project with a PGA-
on government.” jor investments in tourism. He has long- listed golf course, and reckons he can tempt
Fast connections between islands will range plans to develop international cruise-liner passengers to stay and play. ■
Cape Verde 5

8. Special Advertising Supplement
Relations
A Stepping-Stone in the Middle of the Ocean
Cape Verde seeks to play a in part by leveraging their strategic had "many more problems European Council approved a
central role in today’s new location but perhaps even more so than positives. In Cape Verde, “special relationship” with the
globalized world, leveraging not by emphasizing their emergence as there were so many more island nation. Closer relations
just its strategic location but also a cultural bridge that blends positives than problems." were justified, it said, by the
its unique mix of African and African, European, and American The country receives wide country’s cultural heritage,
European cultures — that is, its cultures. In so doing, the country praise for the progress it has democratic reforms, good gov-
local streetwise know-how, good offers itself as a stepping-stone in made since becoming a multi- ernance, and “natural voca-
governance, and rule of law. the middle of the ocean. party democracy in 1991. tion to serve as a bridge be-
U.S. Secretary of State Hillary According to the European tween Europe and the African
Clinton made a landmark visit to Commission, “It has seen eco- and American continents, and
For many years, Cape Verde helped Cape Verde last August, at the nomic growth sustained by thus as a transit point for goods
to shape relations between the Old end of a seven-nation swing services (especially tourism) and people moving between
World and New. Initially it did so through Africa. During her visit, and a marked improvement in Europe and the latter.”
in ways remembered painfully, as a Clinton made it quite clear that standards of governance, both The European Union (EU)
key slaving entrepôt, then later as she was impressed with what she in terms of democracy, human has allocated € million to eco-
51
an important staging post for more saw. Chatting with reporters rights, and fundamental free- nomic development and is coop-
honorable transatlantic navigation. about her pre-trip State doms on one hand, and in erating with Cape Verde in its ef-
Today the islands once again wish Department briefings, Clinton terms of economic governance forts to combat drug trafficking
to influence hemispheric relations, recalled that most African nations on the other.” In 2007, the and illegal immigration. ■
The Millenium Challenge Account (MCA):
Aid that hits the spot
Foreign assistance can work wonders when it’s carefully targeted and
wisely spent. In 2005, Cape Verde was selected as one of 19
developing countries to share a US$6.9 billion pool of aid entrusted by
the U.S. Congress to a new agency called the Millennium Challenge
Corporation, or MCC. As the name suggests, the goal was to steer aid
to poor countries that were committed to good governance, economic
freedom, and investment in their citizens.
Cape Verde was awarded US$110 million for a five-year parcel of
projects to capture and conserve rainwater, upgrade agriculture, build
the local roads and bridges that farming families need to access
markets, schools and hospitals, help reform government bureaucracy,
and strengthen microfinance institutions.
“The MCA has been a factor for transformation, for profound changes;
it has introduced strict control and transparency into public affairs,”
said a senior member of the Cape Verde government, which is now
asking Washington for a program extension.
6 Cape Verde

9. Special Advertising Supplement
Interview
Q&A Peninsula Press talks with José Maria Neves,
Prime Minister of Cape Verde
“The center of the world, where anything can happen”
José Maria Neves, 49, has been prime nologies, while exploiting the riches and the dynamism that these investments create in a
minister of Cape Verde since February potential of our seas; I think that we will country like Cape Verde. The crisis reduced
2001. Neves grew up and attended grade have a very strong maritime economy. The investment, particularly in tourism real
school on Santiago, Cape Verde’s biggest starting point for all this is modernizing our estate, but it’s bouncing back — the worst is
island. He later won a scholarship to infrastructure: water, sewage, telecommuni- over. We boosted public investment consid-
Brazil’s prestigious Getúlio Vargas cations, electricity, ports, airports, and high- erably to prepare the country for the
Foundation business school, earning a ways. This will allow us to unify the nation- moment when the crisis was over, and now
bachelor’s degree in public administration. al market and leverage our vocation as a foreign investment is starting to reappear. I
country that bridges the gap between various think 2010 will be very positive, both in
continents. It will also allow Cape Verde to terms of FDI and economic growth.
This report coincides with the start of become a business platform for the African
your 10th year in office. How has the West Coast region. What would you like your legacy to be?
country changed? We also have to invest heavily in people, First, a country that’s more modern in every
I think the greatest gain is that Cape to develop our human capital and strength- sense. Second, a country where there is
Verdeans have become very determined to en the business sector, because private com- democracy and freedom, where all people
see their nation grow and modernize. At the panies are the engine of the economy; they of talent contribute to overall development
same time, what used to be an extremely build competitiveness. no matter what (political) party they are in.
fragile country, economically speaking, can Building a modern country means having a
now be called a viable country – one with a You spoke with both U.S. President government that works; it means freedom
promising future. Barack Obama and Brazilian President of speech; it means people with water and
Luiz Inácio Lula da Silva about the impor- electricity.
And where is it heading? tance of private investment. What are the
We want to build a country that is an inter- possibilities? And your message for our readers?
national services center in a varied range of Foreign direct investment (FDI) is essential, Come and visit Cape Verde! Enjoy the feel-
sectors, for example tourism, air and sea not just because of the resources but also ing of being at the center of the world, where
transportation, fishing and information tech- because of the know-how and economic anything can happen. ■
Cape Verde 7

10. Special Advertising Supplement
Opinion
Cape Verde: how they view it
Cape Verdeans are actively debating how best to develop their country and position it for success in the 21st century. There’s a great
feeling that it’s in their hands now — no sitting around waiting for foreign aid — and certainly no lack of creative ideas. In this roundup,
a selection of public and private leaders discuss advantages, challenges, plans, and policies.
“A financial gateway to the region”
Fátima Veiga Cape Verde is thinking big, but it’s
Ambassador
of Cape Verde to the U.S. also thinking smart. Finance Minister
Cristina Duarte sees a niche for her
“An important role in country as an international financial
the development of springboard into Africa.
relations with the “We have all the conditions to be a
United States” regional financial center: credible
Cristina Duarte
and efficient institutions, political Minister of Finance
Call it a secret weapon. For Cape Verdeans, their “diaspora” stability, and a macroeconomic
— comprised principally of fellow countrymen living in the framework that’s well established
United States — can prove essential to promoting the even after such a severe Government
islands’ development. Nobody knows how many Cape international crisis.” for the people
Verdeans are in the United States; some say 100,000, But Duarte doesn’t plan to compete
others put it higher. While that figure constitutes well under with the big global money centers. Cape Verde is a
1 percent of the total foreign-born U.S. population, it equals “We want to leverage our geographic young democracy.
almost a quarter of Cape Verde’s populace. Fátima Veiga, position, market stability, and Unlike many other African
Cape Verde’s ambassador in Washington, says they are well institutional framework and say to nations, however, it has a
integrated: “They can continue to play an important role the world, ‘We can be a financial forward-looking government
not only in the development of Cape Verde, but also in the gateway to the region.’” sector that ranks relatively
development of relations between the two countries.” Cape low for corruption and is
Verdeans living abroad not only send money home, they grappling to
also represent a pool of educated citizens that the country bring economic
wants to entice back to help with national development. development.
José Maria Veiga
Manuel Minister of Environment,
“We have never had a political
Inocêncio Sousa Rural Development,
crisis ... here, there is and Marine Resources
Minister of Infrastructure,
Transport, and Telecommunications democratic rule of law”
José Maria Veiga eats, sleeps, and
Even for investors used to braving emerging markets, dreams water. It is, after all, the
Africa often suggests an additional degree of risk. But “There are root of many of his problems.
there’s no way that vision — whether right or wrong so many Strange, perhaps, that a nation of
— should be extended to Cape Verde. sustainable islands in the middle of the ocean
“This country has nothing to do with the problems things we can should worry about a shortage of
that normally frighten investors away from Africa,” dream of water, but the situation in Cape
said Sousa. that could Verde is critical. The government is
“Anybody who knows our country knows that the worries completely investing in building dams to store
people often have about the African continent in general change our the short, sharp torrential rains that
are in no way applicable to Cape Verde. Ever since we destiny” sometimes fall on the islands.
became independent in 1975, we have never had a One ambitious idea is to pump
political crisis ... here, there is democratic rule of law.” water uphill on Fogo, an island that
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Franklim Spencer
President, Cape Verde Port
Management Company, ENAPOR
Mário Paixão Lopes
“Audited and approved by President, Aeroportos e Segurança Aérea (ASA)
the American Coast Guard
“Cape Verde has the strategy
and by U.S. maritime
of constructing a hub, to be a
authorities”
platform for air transportation
between the continents”
These days, the whole world is concerned about
shipping security. For Franklim Spencer, the man For some 180 million years, from Europe and Brazil, close
who runs Cape Verde’s ports, that could be a apparently, nobody set eyes enough from the United
major selling point. on Cape Verde’s beautiful States, and right beside Africa.
“We have been audited and approved by the islands. After they were “The Cape Verde government
American Coast Guard and by U.S. maritime discovered by Portuguese has the strategy of
authorities. ... We have the best security system sailors, the islands served for constructing a hub, to be a
in the region,” Spencer says. And it could improve centuries as a vital staging platform for air transportation
even more still. He has container scanners on post for sailing ships. But between the continents,” he
order and in a couple of years will take delivery today, transatlantic jetliners said. “Look at the advantages
of a purpose-built 52-meter rapid patrol vessel. pass far overhead and flights we have: our geographic
into and out of Cape Verde are position; economic, political,
essentially geared to the and social stability; and good
islands’ tourist trade. Mário dialogue with other nations.”
Lopes is one of several Cape ASA, the airport
Seeking Verdeans who look at the map administration company
business niches and see not isolation but a headed by Lopes, has invested
wonderful strategic location heavily in security and
In a country that roughly three and a half hours infrastructure upgrading.
imports just about
everything, the potential
for economic growth Jorge Lopes
Manager, Operational Nucleus of Information Society
should be great. But
business leaders must “Electronic government is an essential instrument for offering quality services”
decide carefully what
can and can’t be done Forget Silicon Valley, think Silicon Islands. plus check your driver’s license or even your
and seek to leverage Cape Verde has built an electronic government child’s attendance at school. And all with
local advantages. project so advanced it has been studied by a single password. According to Lopes,
Harvard University and the World Bank. The aim “Electronic government is an essential
is to do everything online — pay your taxes, instrument for offering quality services.”
“Cape Verde must become a country that also
invests abroad”
is little more than a giant volcano Cape Verde depends heavily on foreign investment, but that
sticking out of the ocean. But dynamic could change one day. “The time will come when Cape
55,000 people live there. “It rains Verde must become a country that also invests abroad,” predicts
a lot there, but the water just runs Gualberto Rosario, who in addition to being a former prime minister
into the sea. We could use is head of one of the country’s leading business groups. His firm’s
renewable energy sources — wind, investments lie in air transportation, in-flight catering, and various
the sun, even the energy of the tourism developments — not to mention tourism projects in Brazil,
volcano — to pump the water back a couple of banks, a joint venture with Libya, and more.
up from the coast to where people “We think 2010 might be a bit difficult, because Cape Verde
live, for irrigation,” says Veiga. is still impacted by the crisis in other countries, for example Italy,
“There are so many sustainable Gualberto do Rosário Portugal, and the United Kingdom. But as they recover, tourism
things we can dream of that could President, GDP-SGPS will grow again.”
completely change our destiny.”
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Spotlight on Cape Verde
Every island
tells a story ...
Ten islands and quite a few rocks. Add them all together and they’re only
slightly larger than New York’s Long Island, counting all four counties. But
while some 7.7 million people live on Long Island, Cape Verde is home to less
than half a million. Who are they? Mainly the descendents of Portuguese sailors,
settlers, slave owners, and slaves themselves. They’re spread throughout the
archipelago, but the islands are up to 200 kilometers apart, so many local people
know just their own. Check out Cape Verde on a map and it’s easy to see that 2. SÃO VICENTE
the islands form two groups; four in the south called the Sotavento or leeward With some 80,000 inhabitants,
islands (Brava, Fogo, Maio, and Santiago), plus six farther north called the who live mainly in and around Mindelo,
Barlavento (windward) group: Boa Vista, Sal, Santo Antão, Santa Luzia, São Cape Verde’s best port, São Vicente is the
Vicente, and São Nicolau — fine old Portuguese names from the days of sail. country’s second-most populous island. When
the archipelago was a hub for Atlantic shipping,
it was largely centered on Mindelo. There is some
manufacturing — clothing, footwear, and
1. SANTO ANTÃO canned fish for export — and the government is
Mountainous, rugged, spectacular, breathtaking ... tourists rave about promoting an industrial zone at Lazareto. The
the beauty, but the island is more for hikers than beach loungers. island is good for sports, principally windsurfing,
There is some local agricultural production, including traditional rum. cycling, hiking, horseback riding, and golf,
and popular culture. Cape Verde’s best-known
singer Césaria Evora is from here.
9. FOGO
A one-word tourist guide: “volcano.”
Also “big” and “periodically active.”
Last eruption: 1995. Nevertheless, more
than 50,000 people live on Fogo; there is
good farming land and the island
produces sought-after cheese, coffee,
and wine. Rain can be torrential but it
runs off, leaving the land parched, so one
Cape Verde politician has a plan to
irrigate the fertile slopes with dams and
Santiago pipelines, powered by alternative energy
(see page 8).
10. BRAVA
The smallest inhabited island in Cape Verde, Brava used to be a thriving
whaling center, with ships from Europe and America dropping by. Interestingly,
this led to an early Cape Verdean diaspora to the United States, as people
hitched rides west on returning whalers, many settling in New England.
Another claim to fame is as the birthplace of Eugénio Tavares (1867-1930), the
country’s most famous poet. Perhaps the key factor about Brava, apart from
frequent earthquakes, is its intimidating neighbor: Brava lies just 10 kilometers
downwind of Fogo, which is rather close for a major, active volcano.
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5. SAL
Probably the best known of the Cape Verde islands, at least for
sun worshippers flying in to the international airport from
Europe – there’s virtually year-round sunshine. Just over 20,000
people live on Sal, and tourism is by far the principal activity.
Modern tourism developments abound, particularly at the
former fishing town of Santa Maria. From just over 1,000 in 1990,
the local population now hovers close to 20,000. But the island’s
tourist economy took a heavy hit during the crisis.
3. SANTA LUZIA
This small island is tucked between São Vicente and São
Nicolau. People used to live here more than 200 years
ago, but they ruined the soil. The population is now 4. SÃO NICOLAU
officially zero, although rumor has it that a lone This small, somewhat economically
shepherd still roams the island with his flock of sheep. depressed island is beautiful and as yet
without major tourism development.
Great for bird watching and deep-sea
fishing — the blue marlin is a favorite
target. And of course hiking and cycling.
6. BOAVISTA
The third largest island, but home to just 6,000 people – the land is poor, usually
consisting of desert, and the population was declining before modern tourism worked
its miracle. Now there are several developments capped by a 750-room international
hotel, and even more planned. The largest city is Sal Rei — literally ‘Salt King’ —
harking back to the island’s glory days as a salt producer.
8. SANTIAGO Boavista is known for marine turtles and traditional music.
The largest and most populous of the 10
islands, with roughly a quarter of Cape
Verde’s total land area and half of the
total population. Some 120,000 people,
roughly half the island’s population, live
in Praia (the name means ‘Beach’), which
is the country’s capital. Just a few miles
along the coast is Cidade Velha, or “Old
City.” This used to be the capital until
people there got fed up with constant
pirate attacks. Today Cidade Velha is a
World Heritage Site. The UNESCO citation 7. MAIO
notes it was “the first European colonial Quite a poor island with large salt flats, but with some remaining forest,
town to be built in the tropics, and marks and good traditional farm produce, in particular cheese. The island has
a decisive step in European expansion at spectacular beaches and rugged desert scenery, so there’s potential for
the end of the 15th century towards Africa eco-tourism. The government has set up an agency to promote
and the Atlantic area.” sustainable tourism, and projects are starting to appear.
Cape Verde 11

14. Special Advertising Supplement
Prepare for success 2
ENERGY: KICK OUT
THE BARRELS
In our research for this special supplement, we identified six areas that appear In 20th-century terms, Cape Verde is an
to be key for economic development — in addition, of course, to continued energy-poor country with few solutions. It
attention to good governance, education, health, and the reduction of inequality. has no coal, oil, or gas, so it imports some
2,000 barrels of oil a day in petroleum
products, adding a further burden to the
balance of payments. But shift gear into a
1 BUILD IT AND THEY WILL COME ... 21st-century mind-set, and suddenly things
AND GO don’t look so bad.
Renewables are the answer. Thanks to
Cape Verde’s location in the Atlantic, wind is
When your country is split between 10 rarely in short supply on the islands. As a
islands, and your future is tied to foreign result, the government has signed a €65
visitors of various kinds, then ports and million deal with InfraCo, an infrastructure
airports take on a whole new importance. development company funded mainly by
For Cape Verde, infrastructure is the name the World Bank and European govern-
of the game. The government is investing ments, to build four wind farms coming on
heavily in ports and airports, both to help stream in 2011. The planned 28 megawatts
Cape Verdeans get around their country and (MW) should supply roughly a quarter of the
to help tourists arrive and depart easily. archipelago’s power requirements.
“Until 2005 we had just one internatio- “We aim to keep reducing our depend-
nal airport, on Sal Island, so tourists con- ence on petroleum, and we set a target of
centrated there,” said Manuel Inocêncio Finally, investments will upgrade the 2011 to have around 25 percent penetration
Sousa. “We wanted to get all the islands country’s ports for cruise liners and cargo of renewables, then reach 50 percent by
involved in developing tourism, so we vessels. Finance Minister Duarte reckons 2020,” Abraão Lopes, Cape Verde’s director-
drew up an airport expansion plan.” some US$400 million will be invested over general of industry and energy, told
The government also wants to improve the next three years, after which the govern- reporters after signing the InfraCo deal.
inter-island travel by introducing faster ment will privatize port management. If they Every 1 MW of generating capacity
ferries, thus offering an economical alterna- opted for privatization just now, she argues, installed in a site with steady winds could
tive to flying; the islands lie anywhere from only second-rate bidders would come for- save the country around €400,000 a year in
less than 50 kilometers to more than 200 ward: “We don’t want that. We want to pick imported petroleum derivatives, Lopes said.
kilometers apart. from the best and most credible operators.” Sunshine is also plentiful in Cape Verde,
a fact that thousands of European tourists
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FARMING:
3 EVERYTHING TO GROW FOR
At just 4,000 square kilometers, Cape Verde 6) to build basic hydraulic infrastructure and
is pretty small already. Much of the land is save water, but much remains to be done.
semi-arid, and only 10 percent is good for Boosting the quantity and quality of the
farming. Throw in frequent droughts that country’s farming output would have mul-
reduce fields to hardscrabble, and it’s not tiple benefits. First and foremost, it would
exactly a recipe for success. Indeed, more increase rural incomes, thus helping to
than 40 percent of Cape Verdeans live off reduce inequality. It would also have an
the land, but they generate just 6 percent important impact on the trade balance,
celebrate every year. Thus, the country has of the country’s GDP. given that Cape Verde imports an estima-
contracted 7.5 MW of solar capacity to be “I think that with investments we can ted 80 to 90 percent of all that it consumes.
installed in two farms. get that up to 10 or 15 percent of GDP,” said But the ultimate goal for long-sighted
However, Cape Verde’s alternative José Maria Veiga, the minister responsible planners is an agricultural sector that
energy bonanza doesn’t stop there. Only 10 for agriculture. His room for maneuver is integrates with tourism; currently, foreign
percent of the island’s land is good for reg- severely circumscribed by lack of water, but tourists — both short-term visitors and
ular farming, but much of what remains is Veiga noted that drip irrigation systems those who buy vacation homes on the is-
surprisingly hospitable for jatropha, a hardy have expanded from 50 hectares in 2000 lands — tend to consume mostly imports.
scrubland bush that is a 21st-century favorite to 350 hectares today. “Tourism in the past three or four years
for producing biodiesel. In fact, the jatropha The country has been working with the has been a growth engine for the economy,
from Cape Verde has become so resilient Millennium Challenge Corporation (see page but we have not succeeded in linking this with
over the centuries that today it is regarded other sectors,” said Finance Minister Duarte,
as a prime strain. recalling the case of an excellent mango far-
And while some people object to petro- mer on Fogo Island who lacked the infras-
leum being mentioned as a 21st-century tructure to get his produce to the best mar-
energy source, it may well figure in Cape kets. She said that building this kind of basic
Verde’s plans for the future, even though it linkage was more important in the short
doesn’t have any now — or, to put it better, term than investing in mega-projects.
doesn’t have any yet. Some people think it’s Cape Verde has been sending owners of
worth taking a look beneath the waves, and small farms to study Brazilian experience
Cape Verde has discussed exploration with in farming, fish farming, and adding value
Brazil's Petrobras, a world leader in deep and to farm products.
ultra-deep oil exploration and production.
Cape Verde 13

16. Special Advertising Supplement
TOURISM: SAY NO TO THE
4 SUN, SEA, AND ...
FINANCIAL SERVICES? 5 MASS MARKET
Looking for niche markets for a small island nation with great beaches,
reliable institutions, and a huge market just over the horizon? Could Cape Nothing like a good crisis to con-
Verde evolve into a platform for international financial services and a centrate the mind. Cape Verde’s
gateway to Africa? tourism industry, built mainly on
“We have a strong financial system, and that’s a good start,” said Finance visitors from Portugal, the United
Minister Duarte, herself a former Citibank vice president. Kingdom, Italy, and Germany,
Right now Cape Verde’s banks are fairly small and have concentrated more took a buffeting in the crisis.
on local mortgage and consumer finance, missing out on the larger corpo- Demand for hotel rooms dropped
rate deals. Tourism developments on the islands have been financed by banks slightly, but the vacation homes mar-
in the United Kingdom, Ireland, Spain, and other European countries. ket was knocked sideways as foreign in-
The first requirement is for local banks to build up their balance sheets to vestment into the sector fell by a third.
handle bigger local projects. Next, officials could target the asset management And that’s the great market of the future, according to
market in other Portuguese-speaking African nations, such as Angola, Olavo Correia, president of the association of Cabo Verde
Mozambique, and maybe São Tomé and Príncipe. Real Estate Tourism Promoters.
Correia thinks the country’s current 10,000-bed
6 EVERYTHING infrastructure could grow to around 30,000, boosting
STARTS WITH WATER tourism from 300,000 visitors per year to roughly
1 million. “That’s the level when we can start talking
If the Romans had occupied Cape Verde, the about a real tourism industry,” he says.
country might now have a wonderful system of But, Correia argues, the islands must choose care-
aqueducts. But history took a different course ... fully and not just go for the mass market. “Residential
Rains fall mainly from August through October in tourism is fundamental. I think it’s around 70 percent,
Cape Verde, with the rest of the year being quite dry. meaning that it creates seven out of every 10 beds.
Thus dams, storage systems, and distribution channels are The crisis left a slew of suspended vacation-home
needed throughout the country. Given that Cape Verde is split into 10 islands, projects. Going forward, Correia envisions the market
the process of building this infrastructure is difficult, as each island needs its being much tighter and more competitive, with less
own system. The country is receiving international help in this regard, in financial leverage.
particular from the United States.
14 Cape Verde

17. Special Advertising Supplement
WHAT'S IN IT FOR THEM?
TRADITIONAL BANK SEES GREAT SPANISH COMPANY FISHING
POTENTIAL IN SMALL FUTURE FOR PROGRESS; LANDING JOBS
If you want to think big, think small. That’s the strategy of As an archipelago in the middle of the ocean, Cape Verde
Emanuel Miranda, the economist who runs Cape Verde’s should have a great fishing industry, but there’s a
second-biggest bank, Caixa Economica. It’s the country’s widespread feeling that its potential has yet to be fully
Emanuel Miranda oldest financial institution. Originally a government bank Andrés Espinosa realized. This situation may now be changing with an
CEO, Caixa Economica Bank President, Frescomar
created in 1928, it was later privatized but with substantial agreement signed in 2008 between the government and
state ownership and is now back under indirect state control but with slightly over a Spanish fish-processing company called Frescomar, which employs some 480 people
27 percent of its shares owned by Geocapital, a Macau-based holding company. on the island of São Vicente and is contributing substantially to the local economy.
Miranda is expanding and modernizing Caixa operations. However, the great excitement Under the deal, Frescomar invested in a new cold store, new machinery, and other
lies in a new state-controlled bank in which Caixa will be one of five shareholders. Dubbed upgrades to boost its production of canned mackerel, melva, and tuna. For its part,
Novo Banco — New Bank — it will target the 50 percent of Cape Verde’s people the government pledged infrastructure investments.
and economy currently outside the traditional banking sector. “The Cape Verde fishing industry can become one of the pillars of the country’s
“We see from examples of emerging economies like Brazil and Bangladesh and economic development,” said Frescomar President Andrés Espinosa, “but this will
some African countries that this sector is very important for the expansion of financial happen only with public investment in installations and private investment to
institutions; traditional banks here aren’t prepared to deal with this segment, but modernize the fishing boats, equipping them with more technology. We’re laying the
the potential is enormous,” says Miranda. groundwork to make this happen.”
USA Office Spain Office Editor-in-Chief Stella Klauhs Illustrator Henrique Monteiro
1050 Connecticut Avenue, Paseo de la Castellana, Production Director Rafael Muñoz Photography Omar Camilo,
NW. 10th floor, 95. 15 Planta 28046 Project Director Greg Kunstler Eneias Rodrigues, MCA, iStockphoto, SXC,
Suite 1000 Washington, Madrid - Spain Project Coordinator Marie Lucas We thank the “Pestana Tropico Hotel”
DC 20036 - USA Tel +34 91 418 50 32 Writer Brian Nicholson in Praia for their hospitallity.
www.peninsula-press.com info@peninsula-press.com Creative Director Marta Conceição
Cape Verde 15

18. ensuring
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industry, both implemented across the skies nation’s growing We domestic andanddeveloping a public-service business model, passengers’ safety comfort and to maximizing ef highest all in all of operations,
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efficiency in all our operations,
including freight areand cargo terminals and the Sal Oceanic Flight Information Region (FIR)contributing to Cape Verde’s visionvisionpassengers’ a vital transportation hub connecting four continents. our operations,
including freight implemented across the nation’s growing network of domestic and (FIR), is contributing toOur dedicationvision of of becoming atransportation hub connecting four continents. all
management and cargo cargo terminals and the Sal Oceanic Flight Information Region (FIR) is contributing to Cape Verde’s of becoming a vital vital transportation hub connectingef continents.
including freight and terminals and the Sal Oceanic Flight Information Region (FIR) (FIR),
(FIR), is four
international airports. Cape Verde’s to our becoming safety and comfort and to maximizing efficiency in
including freight and cargo terminals and the Sal Oceanic Flight Information Region (FIR) is contributing to Cape Verde’s vision of becoming a vital transportation hub connecting four continents.
(FIR),

19. Marie Lucas - Portfolio
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