Housing Finance in Cabo Verde

Introduction

Located 500km off the west coast of Africa, Cabo Verde is an archipelago of 10 islands, only nine of which are inhabited.[1] It is a relatively stable multiparty democracy with a recognised record for good governance[2] and a highly sensitive economic outlook constrained by limited resources, making the country highly susceptible to external shocks and reliant on public spending, international aid, the diaspora, and tourism.[3] According to the National Statistics Institute’s (INE), in 2017 the national economy experienced its fastest growth since 2011 (3.8 percent), growing to 3.9 percent.

The local currency Cabo Verdeans Escudo (CVE) is pegged to the Euro. In support of the state fiscal policy, tax reforms have been introduced, including tax exemption during the start-up period of a business as well as tax incentives provided to emigrants, to further encourage private and economic investment initiatives.[4] The economy is highly dependent on tourism, accounting for 47 percent of exported goods and services.[5] There is a projected rise in foreign direct investment (FDI) and an expected expansion in the manufacturing and catering sectors over the next three years.[6]  The Sustainable Development Strategic Plan 2017-2021 (PEDS) is intended to support and drive medium-term economic diversification,[7] stimulating economic transformation and diversification, improving resilience to climate change, and strengthening regional integration within the Economic Community of West African States.[8]

Despite attempts to strengthen the economy, government debt has increased from 57 percent in 2008 to 125.3 percent of GDP in 2018, with a projected increase to roughly 142 percent in 2020.[9] Government intends to alter the trends by mobilising domestic resources, maximising public expenditure through increased efficiency and decreasing public enterprise debts from state-owned enterprises such as the Cabo Verde Airlines and Imobiliaria Fundiaria e Habitat (IFH) Social Housing Company, the combined debts of which are close to 20 percent of the GDP.[10]

The inflation rate estimated at 1.1 percent in 2017 is expected to rise to two percent by 2019.[11] The central bank, Banco de Cabo Verde (BCV) has slowly undertaken an expansionary monetary policy, reducing reserve levels and the central bank lending rate in a bid to boost the rate of inflation and economic growth. There is limited data around the mortgage contribution toward the economy, however it is constrained by the performance of the finance sector, the lack of economies of scale, a necessary dependence on imports for construction materials, and recent economic performance.[12]

[1] The World Bank (2018). Overview. http://www.worldbank.org/en/country/caboverde/overview (Accessed 31 July 2018).

[2] African Development Bank (2014). Cabo Verde Country Strategy Paper 2014-2018. https://www.afdb.org/fileadmin/uploads/afdb/Documents/Project-and-Operations/2014-2018_-_Cape_Verde_Country_Strategy_Paper.pdf (Accessed 31 July 2018). Pg. 4.

[3] Coface (2018). Economic Studies and Country Risks- Cabo Verde. http://coface.org/Economic-Studies-and-Country-Risks/Cape-Verde. (Accessed 31 July 2018).

[4] Corface (2018).

[5] African Development Bank Group (2018). Cabo Verde Economic Outlook. https://www.afdb.org/en/countries/west-africa/cabo-verde/cabo-verde-economic-outlook/ (Accessed 31 July 2018).

[6] African Development Bank Group (2018).

[7] Nshimyumuremyi, A. (2018) African Economic Outlook Cabo Verde. https://www.afdb.org/fileadmin/uploads/afdb/Documents/Generic-Documents/country_notes/Cabo_Verde_country_note.pdf (Accessed 31 July 2018). Pg. 2.

[8] Nshimyumuremyi, A. (2018). Pg. 2.

[9] Trading Economics (2018). Cabo Verde Indicators. https://tradingeconomics.com/cape-verde/indicators. (Accessed 31 July 2018).

[10] African Development Bank Group (2018).

[11] Ibid.

[12] Nshimyumuremyi, A. (2018).

Access to Finance

The Cabo Verdean finance sector is dominated by banks, which are liquid but risk averse.[1] The banking sector is highly concentrated,[2] with more than 85 percent of total financial sector assets, with two of seven licensed banks, Banco Comercial do Atlântico (BCA), and Caixa Económica de Cabo Verde, dominating the credit and deposit markets with a combined market share of almost 70 percent. Bank liabilities are primarily deposits from residents, migrants, and government. [3]

Banking institutions within Cabo Verde grapple with low asset quality, low profitability, and limited capital buffers. Following the global economic downturn and the subsequent impact on tourism and real estate, the level of non-performing loans (NPLs) increased to 15.5 percent of total loans as of the end of 2016. The average return on assets from 2011-16 was only 0.3 percent, and capital was only 7.7 percent of total assets at end-2016, varying across the banks, with some experiencing capital constraints.[4] In March 2017, the BCV had to respond to the insolvency of the state-owned bank (Novo Banco) which was established in 2010 to support MSME finance and low-income housing, resulting in the BCV revoking Novo Banco’s license in June 2017. In order to diminish future risks, the BCV is strengthening its banking supervision capacity, increasing the frequency of on-site audits, and urging banks and corporates to recognise and address NPLs while rebuilding capital buffers.[5]

Within Cabo Verde access to finance is a significant constraint. Domestic credit to the private sector has dropped as banks increased the share of their assets deposited with the BCV and lent to the government and State-Owned Enterprises (SOEs). This reflects both a higher risk aversion by banks and the lack of viable investment opportunities: in 2015 there were only 189 commercial bank borrowers per 1 000 adults. Finance costs are on average high, with lending rates of approximately 10 percent for loans of up to one year. Following previous failed attempts at monetary easing, the BCV introduced more aggressive monetary stimulus measures in 2017, which saw the reduction of the benchmark interest rate from 3.50 to 1.50 percent. In general, the cost-to-income ratios, given the archipelago’s lack of economies of scale, are very high (an average of 69 percent over the last five years), indicating room for improvement in banking sector efficiency.[6]

With an approximate client base of 50 000 the microfinance sector remains small.[7] The sector has limited penetration and visibility. Studies indicate that about 75 percent of the unemployed population eligible for financial services offered by microfinance institutions (MFIs) are unaware of either the MFIs in general or the services they offer.[8]

BCA, the largest bank in the country, provides mortgages for up to CVE 30 million (US$316 000) for terms up to 30 years. BCA offers both fixed and variable rate mortgages: the nominal fixed rate is between eight and 11.5 percent and the nominal variable rate has a floor of 7.7 percent, is based on BCA index rate, and has a range of 3.5 percent.[9] This translates into an effective rate of 12.04 percent for a variable rate mortgage and 12.3 percent for a fixed rate mortgage, compared to the 15.11 percent offered for consumer loans. BCA also charges a fee equivalent to 3.5 percent of the mortgage value, which is not capped but is at a minimum CVE 20 000 (US$210). Caixa offers mortgages for up to 30 years and charges a fee of 1.26 percent of the mortgage, which must be at least CVE 10 000 (US$105).[10] The nominal interest rate on mortgages is 10.75 percent, equivalent to an effective rate of 11.4 percent. For loans to purchase land, Caixa offers a nominal interest rate of nine percent on a sixty-month loan. Banco Interatlântico (BI) offers mortgages to purchase or construct a house at 90 percent of property value.[11] Banco Internacional de Cabo Verde offers mortgages for terms up to 25 years, with a loan-to-value ratio of up to 70 percent. First-time home buyers are exempt from taxes on the interest portion of mortgage repayments.[12]

The credit market is inhibited by the absence of a credit bureau to regulate and monitor the sector, however there have been substantial legal and systematic reforms intended to strengthen the efficiency and private sector growth, providing an optimistic outlook for the financial sector.[13]

[1] The World Bank (2017) Cabo Verde: Access to Finance for MSMEs (P163015). http://documents.worldbank.org/curated/en/825171511262268770/pdf/Project-Information-Document-Integrated-Safeguards-Data-Sheet-Cabo-Verde-Access-to-Finance-for-MSMEs-P163015-Sequence-No-00.pdf (Accessed 02 September 2018). Pg. 5.

[2] Banco de Cabo Verde (2016b). Relatório de Estabilidade Financeira 2016. Pg.23.

[3] The World Bank (2017). Pg. 5.

[4] Ibid.

[5] Nshimyumuremyi, A. (2018).Pg. 6.

[6] The World Bank (2017). Pg.5.

[7] Making Finance Work for Africa (2018) Cape Verde – Financial Sector Profile. https://www.mfw4a.org/index.php?id=283 (Accessed 31 July 2018).

[8] Making Finance Work for Africa (2018).

[9] Banco Comercial do Atlântico (BCA) (2017).Pg. 37.

[10] Caixa Económica de Cabo Verde (Caixa) (2017). Precário: Entrada em Vigo: 02 de Maio de 2017. Pg.62.

[11] Banco Interatlântico (BI). (n.d.) Crédito à Habitação BI Casa.

[12] Ibid.

[13] Doing Business (2018). http://www.doingbusiness.org/data/exploreeconomies/cabo-verde (Accessed 31 July 2018).

Affordability

There is economic disparity within Cabo Verde, with 179 909 people making up 33 percent of the total population living in absolute poverty, of whom 54 395 are in extreme poverty, and of which 54 percent are women.[1] The unemployment rate sits on 12.2 percent as at 2017, down from 15 percent in 2016.[2]

On average an apartment within the city centre costs CVE 89 000 (US$936) per square meter. Comparably purchasing outside the centre, the per square meter average is CVE 65 000 (US$684). The rental market for a one-bedroom apartment in the city centre is CVE 29 000 (US$305) and outside the city centre the average is CVE 18 333 (US$193).[3] The affordability of housing is however reflected in the fact that the average net monthly income is CVE 27 500 (US$289) so the lowest affordable rental would be 66 percent of an average income.[4]

The BCA mortgage calculator works on monthly repayments for a mortgage worth CVE 2 million (US$21 039), over a term of 30 years and an interest rate of 11.5 percent, at CVE 19 000 (US$200).[5] Considering that generally it is advised that no more than a third of income is spent on housing, the household would have to earn CVE 60 000 (US$631) a month, or CVE 720 000 (US$7 574) a year to afford a 30m² one-bedroom apartment.

[1] National Directorate of Planning (2018). Voluntary National Report on The Implementation of The 2030 Agenda For Sustainable Development. https://sustainabledevelopment.un.org/content/documents/19580Cabo_Verde_VNR_SDG_Cabo_Verde_2018_ING_final_NU_280618.pdf  (Accessed 2 September 2018). Pg. 8.

[2] National Directorate of Planning (2018).Pg. 14.

[3] Numbeo (2018). Cost Of Living. https://www.numbeo.com/cost-of-living/country_result.jsp?country=Cape+Verde (Accessed Online 31 July 2018).

[4] Numbeo (2018).

[5] BCA (2018) Crédito Habitação. http://www.bca.cv/Servicos/Simuladores/Credito.aspx?sidc=0&idc=339&idl=1 (Accessed Online 31 July 2018).

Housing Supply

A component of the PEDS, which has yet to be completed, is focused on an assessment of the housing situation within Cabo Verde, intended to review the basic and extended housing deficit as well as the definition of a new national housing policy. In Cabo Verde, only 1.4 percent of households live in non-traditional housing, which includes shanties. Most, 98.6 percent, live in independent housing or apartments. In general households have electricity, piped water and sanitation facilities, and at least two out of three households occupy and own their own dwellings, (with the largest numbers among the poor); 72 out of every 100 poor households occupy homes that they own, as compared to 63 percent of non-poor households.[1]

The core issue within the Cabo Verdean housing sector is less about access and more in relation to quality. There is a pressing need to address housing insecurity in relation to the degradation of housing, especially in rural areas. Nationally 49 out of every 100 households live in homes with roof problems and 52 out of every 100 have infiltration and moisture problems in their walls. This situation is particularly serious among the poor, as 64 out of every 100 people live in houses with roof infiltration problems and 65 out of every 100 dwellings have problems with infiltration and moisture in the walls, the costs of repairs often beyond the means of most households.[2]

Despite the relatively low percentage of households living in informal settlements, with an urban population of around 68 percent, there is a concern around the growth housing which has no access to water or sanitation services. In response to this growing trend, UN Habitat and the Ministry of Environment, Housing and Territorial Planning have initiated the Participatory Slum Upgrading Programme (PSUP) intended to strengthen community, city and national key stakeholders’ capacities in participatory slum upgrading, particularly in the selected cities of Praia, Pedra Badejo and Espargos. The project was initiated in 2008 and completed in 2015. It received US$135 000 in funding to build intergovernmental and organisational partnerships and develop strategies for tackling the physical and social inequalities inherent in the identified areas. Thus far there is no evidence to suggest that it has translated into any built developments.[3]

The INE survey data shows that 78.6 percent of households live in free-standing houses, compared to 20 percent who live in apartments. In terms of building materials, 84.4 percent of residents live in units that are constructed out of reinforced concrete, while 50 percent of residents have cement floors and 48.8 percent have mosaic flooring.[4] The majority of the houses have three rooms or divisions. A few have five or more.

There have been attempts to encourage social and sustainable development goals. For example, in 2009 the Sistema Nacional de Habitação de Interesse Social (SNHIS) (National System of Housing for Social Interests) was launched, informally known as Casa Para Todos (Houses for All). The program was intended to reduce the national housing deficit standing at 40 776 dwellings in terms of quantity and a further 66 013 dwellings in relation to the quality.[5]

The subprograms included Habitar CV which intended to deliver 8 496 housing units, Pro Habitar expected to build 1 000 homes in rural areas, and Reabilitar aimed at rehabilitating 16 000 households.[6] The Casa Para Todos program was however marred by scandal. In 2016 it was revealed that although 83 percent of the EUR 200 million (US$234 699 964) credit line from the Portuguese government funding the program through the IFH had been spent, less than half the proposed target of dwellings had been completed. Further the IFH was reported to be in technical bankruptcy, with a debt of roughly CVE 2 billion (US$0.21 billion). Assessments by the IMF have made recommendation for eepening fiscal consolidation efforts” and accelerating the restructuring of SOEs, thereby eliminating the need for government support for bodies such as the IFH. This is seen as a mechanism for increasing the speed of growth in credit to the private sector, thus boosting investor confidence and accelerating medium-term growth, cutting public debt, and reducing the risk of external debt distress.[7]owever, the SNHIS, which was enshrined in legislation in 2010 and updated in 2014, continues today to provide an interest rate subsidy for mortgages.

[1] National Directorate of Planning (2018).Pg. 88.

[2] National Directorate of Planning (2018). Pg. 88.

[3] UNHabitat (2018) Cape Verde. https://unhabitat.org/cape_verde/ (Accessed 2 September 2018).

[4] Instituto Nacional de Estastica (INE) (2016).

[5] Global Property Guide (2017) Cape Verde’s tourism boom to continue. https://www.globalpropertyguide.com/Africa/Cape-Verde

[6] Global Property Guide (2017).

[7] Fouda, L. M (2018). IMF Press Release No. 18/27 IMF Staff Completes 2018 Article IV Discussions with Cabo Verde. https://www.imf.org/en/News/Articles/2018/01/26/pr1827-imf-staff-completes-2018-article-iv-discussions-with-cabo-verde (Accessed 31 July 2018).

Property Markets

Cabo Verde has an efficient property registration system. Registering a property takes 22 days, the same as OECD high income countries and more efficient than the regional average of 59.3 days, and costs 2.3 percent of the property value, below both the OECD (4.2 percent) and Sub-Saharan Africa (7.8 percent) rates.[1] The country has a functional deeds registry, which takes between one and three days to obtain a certificate proving ownership of a property at a cost of CVE 1 130 (US$11.89) and seven days to register a new public deed with the property registry at a cost of CVE 24 150 (US$254). Act 9 Decree of law 10/2010 specifies the law governing the Conservatoria do Registo Predial (Land Registry), for which there is an electronic database, and which does not yet include all properties in Cabo Verde. The database that can be checked for mortgages on the property, but there is no electronic record on cadastral information.[2]

There are a number of established estate agents offering rentals and properties at a wide variety of price points. They are relatively formal and operate on Cabo Verde’s larger islands. However, they are largely focused on catering to international demands, which are seen as a means of adding to the economy. To further grow this sector, permanent residence permits are issued to foreign nationals who acquire properties worth a minimum of EUR 80 000 (US$94 000) in municipalities where GDP per capita is lower than the national average and for more than to EUR 120 000 (US$141 000) where GDP per capita is higher than the national average. The policy includes the exemption of Single Property Tax for the property involved as well as a further 50 percent reduction in the tax due over the next 10 years. Further, retired resident card holders with incomes generated outside Cabo Verde are exempt from Personal Income Tax.[3]

Property development and investment is dominated by, and caters to, the luxury and resort development portfolio. This supports the objectives of the government to foster economic stability and FDI, however there is hardly any detailed information around the actual delivery of affordable, low-cost or social housing. The housing market is driven and dominated by the expatriate and tourism sector. Furthermore, the financial burden of the ineffective IFH on the government reflects a poorly operated mechanism for housing program development.

[1] Doing Business (2018).

[2]Doing Business (2018).

[3] Global Property Guide (2017).

Policy and Regulation

The reforms pursued by the government since the economic slowdown have been extensive and varied. On the regulatory side, new laws have been passed for the financial sector (Lei n. 61/VIII/2014 and Lei n. 62/VIII/2014) and microfinance sector (Lei n. 83/VIII/2015), urban planning (Lei n. 60/VIII/2014) and are under consideration for a deposit guarantee fund and land use management.

Law 83/VIII/2015, relates to MFIs, allowing for three types: deposit-taking, community savings and credit cooperatives, and financial intermediaries for the diaspora.[1] The establishment of the law was expected to increase the number of commercial MFIs in a sector that has been largely driven by the non-profit sector. There are five MFI’s registered under the BCV,[2] of which the Associação de Apoio às Iniciativas de Autopromoção Familiar, the Association to Support Family Self-Improvement Initiatives, is the only MFI providing loans for housing, although more detailed information as to the specific nature of these loans and conditions was not available.

The rental market is regulated, allowing for a maximum increase of rent by 8.3 percent a year. The tenant has the right to reject a suggested rental increase and terminate the rental agreement with one month notice if this happens. In addition, if the contract does not explicitly stipulate future possible rental increases, the landlord may not raise rentals for a period of five years. Landlords are not allowed to demand more than a month’s rental upfront and can only evict a tenant with permission from a court. The rental legislation is Decree-Law 47.344, of 25 November 1966, as amended by Decree-Law 12-C/97, of 30 June 1997.

Another important regulation is the requirement for tax clearance to be issued to purchase property, as the municipality will only transfer the deed once property taxes are paid. All transfers involve site inspections by municipalities. In 2013, Cabo Verde introduced tax incentives for large investments, and in 2014, it commenced with the digitisation of its deeds registry.

[1] Oricco, I. (2015) O Microcrédito Em Cabo Verde: Importância do Microcrédito na Criação de Negócios Locais na Ilha De Santiago. Dissertação, Instituto Politecnico do Lisboa. Pg. 64.

[2] BCV (2018). Supervision of Micro Finance- Registered Institutions. http://www.bcv.cv/vEN/supervision/supervisionofmicrofinance/registeredinstitutions/Paginas/Instituicoesinscritas.aspx (Accessed 2 September 2018).

Opportunities

Cabo Verde faces the enormous challenge of building an economy with a high level of sustainable and inclusive growth to overcome key constraints, structural vulnerabilities, external dependence, unemployment, poverty, inequality in income distribution, and reduced opportunities for emigration and consequent drop in remittances, on which there is high reliance.[1] The country is constrained by natural vulnerabilities related to its volcanic origin, its island-made nature, its location in the Sahel region, scarcity of rainfall and lack of mineral resources.[2] Any real development opportunities which could be explored will be constrained by Cabo Verde’s small territorial, demographic and economic size and its isolation from the African continent.

The financial sector is risk averse and as such leans more toward a select proportion of the economy and foreign nationals looking to purchase second homes. The high-end housing market revolves around an encouragement of spending within the tourism sector and developing stock to cater for further growth in that market.

Given the geography and high cost of construction due to a dependence on imports a large-scale housing development is unlikely to be an effective solution. Through more extensive studies on the status of housing within the affordable and low income sector, it may be found necessary to reinforce subsidies and funding support programs for the refurbishment and maintenance of existing, degrading stock and a means of reinforcing the access to services in less formal settlements.  The core opportunities for housing development should also be focused or localised around the urban centers, where there is a growing demand for housing supply at this level.

[1] National Directorate of Planning (2018) Sustainable Development Goals- Voluntary National Report on the Implementation of the 2030 Agenda for Sustainable Development.

https://sustainabledevelopment.un.org/content/documents/19580Cabo_Verde_VNR_SDG_Cabo_Verde_2018_ING_final_NU_280618.pdf. (Accessed 02 September 2018). Pg.8.

[2] National Directorate of Planning (2018).Pg. 8.

Sources

African Development Bank Group (2018). Cabo Verde Economic Outlook. https://www.afdb.org/en/countries/west-africa/cabo-verde/cabo-verde-economic-outlook/ (Accessed 31 July 2018).

African Development Bank. (2014) Cabo Verde Country Strategy Paper 2014-2018. https://www.afdb.org/fileadmin/uploads/afdb/Documents/Project-and-Operations/2014-2018_-_Cape_Verde_Country_Strategy_Paper.pdf (Accessed 31 July 2018).

BCA (2018) Crédito Habitação. http://www.bca.cv/Servicos/Simuladores/Credito.aspx?sidc=0&idc=339&idl=1 (Accessed 31 July 2018).

BCV (2016) Financial Stability Report.  http://www.bcv.cv/SiteCollectionDocuments/2017/Financial%20Stability%20Report%202016.pdf (Accessed 31 July 2018).

Banco de Cabo Verde (2018) Monetary Policy Report April 2018. http://www.bcv.cv/SiteCollectionDocuments/2018/RPM_ABRIL%20VI%202018.pdf (Accessed 23 August 2018).

Banco de Cabo Verde (2016). Relatório de Estabilidade Financeira 2016.

Banco Comercial do Atlântico (BCA) (2017). Folheto de Comissões e Despesas e Folhetos de Taxas.Caixa.

Banco Internacional de Cabo Verde. (n.d). Crédito à Habitação BI Casa.

Caixa Económica de Cabo Verde (Caixa) (2017). Precário: Entrada em Vigo: 02 de Maio de 2017.

Coface (2018). Economic Studies and Country Risks- Cabo Verde. http://coface.org/Economic-Studies-and-Country-Risks/Cape-Verde (Accessed 31 July 2018).

Development Initiatives (2017). Country Profiles – Cape Verde http://data.devinit.org/pdf/20170331/Cape-Verde.pdf (Accessed 1 August 2018). Pg. 4.

Doing Business (2018). Ease of Doing Business in Cape Verde. http://www.doingbusiness.org/data/exploreeconomies/cabo-verde (Accessed 31 July 2018).

 

Fouda, L. M (2018). IMF Press Release No. 18/27 IMF Staff Completes 2018 Article IV Discussions with Cabo Verde. https://www.imf.org/en/News/Articles/2018/01/26/pr1827-imf-staff-completes-2018-article-iv-discussions-with-cabo-verde (Accessed 31 July 2018).

Global Property Guide (2017). Cape Verde’s tourism boom to continue. https://www.globalpropertyguide.com/Africa/Cape-Verde (Accessed 10 Sept 2018).

Instituto Nacional de Estastica (2016). Familias e Condições de Vida_IMC2016.

National Directorate of Planning (2018). Sustainable Development Goals- Voluntary National Report on the Implementation of the 2030 Agenda for Sustainable Development.

https://sustainabledevelopment.un.org/content/documents/19580Cabo_Verde_VNR_SDG_Cabo_Verde_2018_ING_final_NU_280618.pdf (Accessed 2 September 2018).

Nshimyumuremyi, A. (2018) African Economic Outlook Cabo Verde. https://www.afdb.org/fileadmin/uploads/afdb/Documents/Generic-Documents/country_notes/Cabo_Verde_country_note.pdf (Accessed 31 July 2018).

Numbeo (2018). Cost Of Living. https://www.numbeo.com/cost-of-living/country_result.jsp?country=Cape+Verde (Accessed Online 31 July 2018).

Making Finance Work for Africa (2018). Cape Verde – Financial Sector Profile. https://www.mfw4a.org/index.php?id=283 (Accessed 31 July 2018).

Oricco, I. (2015). O Microcrédito Em Cabo Verde: Importância do Microcrédito na Criação de Negócios Locais na Ilha De Santiago. Dissertação, Instituto Politecnico do Lisboa.

Trading Economics (2018). Cabo Verde Indicators. https://tradingeconomics.com/cape-verde/indicators. (Accessed 31 July 2018).

UN Habitat (2018). Cape Verde. https://unhabitat.org/cape_verde/ (Accessed 2 September 2018).

The World Bank (2017). Cabo Verde: Access to Finance for MSMEs (P163015). http://documents.worldbank.org/curated/en/825171511262268770/pdf/Project-Information-Document-Integrated-Safeguards-Data-Sheet-Cabo-Verde-Access-to-Finance-for-MSMEs-P163015-Sequence-No-00.pdf (Accessed 02 September 2018).

The World Bank (2018). Overview. http://www.worldbank.org/en/country/caboverde/overview. (Accessed 31 July 2018).