WTO welcomed Cape Verde as its newest member. This new membership will benefit the property market and the investment opportunities
WTO welcomed Cape Verde as its newest member.
Cape Verde joined the WTO on July 23rd. “I am very pleased to welcome Cape Verde as a new member. This new membership will strengthen the multilateral trading system. Being part of the WTO will enable Cape Verde to continue its integration into the world economy,” said Director-General Pascal Lamy.
The boost to Cape Verde's economy will in turn benefit the property market, according to John Farrelly of London International Property: "I think this can only help....There are a lot of opportunities for investors and that's why a lot of people have got in quite early."
Investment is already being made in Cape Verde's infrastructure; the port of Praia is to be modernised and expanded, according to the Millennium Challenge Account - Cape Verde Management Unit (MCA-CV). The project will be only the second country in the world to benefit from US-based MCA funding, according to news agency Macahub. In total, Cape Verde has been granted $110m for infrastructure projects, and work is to begin on the port next October.
Cape Verde's government has expressed its commitment to improving the country's transport infrastructure, in particular its aviation facilities.
According to prime minister Jose Maria Neves, airports across the west African archipelago will continue to benefit from various upgrades and investment.
Speaking after the launch of Halyconair, he also revealed that the government intends to work with private sector organisations in order to fuel further growth in the sector.
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