China has agreed to provide an interest-free loan of $4.7 million to Cape Verde which will be used for projects which are considered a priority. These include infrastructure and economic and social facilities such as the National Stadium and the new maternity ward at the Agostinho Neto Hospital. The money will also be used to fund building work at the Santa Maria technical school on Sal Island as well as projects which will improve water and energy efficiency.
There is also likely to be additional funding available for social housing. This isn't the first time China has provided loans to the country which is still very much an emerging economy.
It's definitely a country which is well worth investing in, as it has a very stable democracy and until the recent economic downturn, enjoyed good economic growth of around 7% annually.
The economy is mainly service oriented and is focused upon the rapidly growing tourism sector.
The islands are perfect for tourists as they enjoy a warm climate year-round and are close enough to Europe to be enticing enough for a short winter break. The islands are extremely interesting as each has a diverse landscape while the people are warm and welcoming and celebrate their culture through music.
Although the islands have a lack of natural resources, and have to import much of their food, major efforts are being made to build renewable energy sources such as wind farms, which is essential as the country has one of the fastest-growing tourism industries in the world.
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