Improving Cape Verde’s economy with tourism

The tourism sector in the Cape Verde islands is set to become the major vehicle for the economic development of the country. It has already come on leaps and bounds over the few last decades and this is set to continue over the coming years thanks to help from the World Bank. They recently approved a $5 million US dollar loan (called a credit) to support the Competitiveness for Tourism project.

The loan comes from the International Development Agency (IDA), the part of the World Bank committed to offering support to the world’s poorest countries. The credits they offer are provided with very low or zero interest and can be repaid over a number of years. The money can be used to boost economic growth, improve the quality of life of people through improved living conditions, and reduce inequality.

The five year project in Cape Verde will help to boost the tourism sector, providing additional support for the local private sector and the governing agencies. The extra technical assistance will help with diversification, both in terms of accommodation and tourist attractions. This could bring a major boost to the industry, helping to attract more visitors from around the world.

Another thing the funding will do is help to support small and medium sized businesses in the Cape Verde islands. This is a big benefit because it could create far more attractions for tourists to enjoy, whether it is activities, restaurants, pubs, bars or shops. It is hoped that the funds from IDA will trigger further investment in the country which in turn will drive the tourism sector and the whole economy forward.

At Cape Verde Travel we are passionate about helping tourists have the perfect experience when they visit this island paradise. We can help them to book the perfect experience, whether they have a specific interest such as walking or fishing, or just plan to spend some time on the beautiful beaches.

This is an exciting time to visit Cape Verde with so much work ongoing to improve and expand the tourist sector. However, there are still plenty of opportunities to explore and enjoy some privacy if that is the kind of getaway you are looking for.