AfDB extends US$350,000 grant for technical assistance to deepen national capital markets in Cape Verde

CAPE VERDE – The African Development Bank Group (AfDB) has approved US$350,000 in grant funding for technical assistance to consolidate the country’s capital markets strategy and increase the liquidity of its fixed income markets.    The grant will be sourced from the Capital Markets Development Trust Fund, a multi-donor fund administered by the African Development Bank. The national stock exchange, Bolsa de Valores de Cabo Verde (BVC), will use the funds to develop a capital markets masterplan and upgrade current infrastructure to stimulate liquidity in secondary bond markets. “We are…

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A.P. Moller Capital acquires AFC’s stake in renewable energy producer Cabeolica

CAPE VERDE – A.P. Moller Capital, the Denmark based investment fund manager, is taking a 40% stake in Cabeolica, Cape Verde’s largest renewable energy producer from Africa Finance Corporation (AFC). Cabeolica is the archipelago’s largest renewable energy producer. A.P. Moller has invested in the independent power producer (IPP) via Africa Infrastructure Fund, its fund dedicated to sustainable infrastructure in Africa. The shares are being sold by the Africa Finance Corporation (AFC), a pan-African multilateral development finance institution based in Lagos, Nigeria. However, AFC remains the majority shareholder in Cabeolica, with…

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Passafree merges with Portugal’s PassiD to explore markets in Africa and Europe

CAPE VERDE – Passafree, an event ticketing and marketing platform, has merged with Portuguese company Best-id to form PassiD, with the new combined venture planning to scale across Africa and Europe. Passafree founder Helga Ortet, who started selling tickets in 2011 as a university student, created the Passafree brand in 2015, and launched it as a company in 2017, said PassiD was currently operating in the the city of Praia but was working on having coverage on all the islands of Cape Verde. “In 2021 we will start to explore…

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Cape Verde’s Fintech startup Makenba raises funds to expand into the US

CAPE VERDE – Makeba, a Cape Verdean fintech startup that combines point-of-sale payments and money transfer into mobile applications has raised about US$246,000 in a crowdfunding round via WeFunder platfom. Makeba has a pre-money valuation that is estimated to be about US$30 million, and is interested individuals can invest in the company for as little as $240 through the crowdfunding platform. According to a release by the crowdfunding platfom, Makeba has so far raised more than $2.5 million in debt and equity. The funds that is has raised has given…

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Cape Verde’s tourism gets a boost as national carrier launches direct flights to Nigeria

CAPE VERDE – The national carrier of the Cape Verde Islands, Cabo Verde Airlines, has announced plans to begin flight services to Lagos by December this year. The airline said on Tuesday that the direct flights from Lagos, Nigeria to Cape Verde had been designed to boost tourism and travel between both countries. The Chief Executive Officer and President, Cabo Verde Airline, Jens Bjarnason, said the carrier’s Boeing 757-200 would be used to service the route. The plane is expected to fly five times a week flight from the Murtala…

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