Africa-Press – Cape verde. The Cape Verde Stock Exchange (BVC) today presented its first security to be listed on a foreign counterpart, the Luxembourg Stock Exchange (LuxSE), increasing the publicity of the Portuguese-speaking financial market.
“This double listing is the result of a memorandum of understanding that we signed with Luxembourg, in 2021, with the basis for any sustainable issue issued in Cape Verde to also be listed on the Luxembourg stock exchange”, explained Miguel Monteiro, president of BVC.
The first Cape Verdean bond to take advantage of this open door in Europe and to meet all the criteria to be released abroad is a sustainable bond from the International Investment Bank (IIB).
This double listing, in Cape Verde and Luxembourg, provides notoriety with the potential to attract foreign investors, highlighted the president of BVC.
Anyone who wants to trade these securities will have to do so on the Cape Verdean exchange, “because the idea, naturally, is for Cape Verde to become an international exchange”, said Miguel Monteiro.
“On the Luxembourg side, we have the notoriety, the visibility that the title will have, but, naturally, business will continue to take place here, on the Cape Verde Stock Exchange”, he summarized.
The European country has “the main financial market, in terms of sustainable securities worldwide”, according to Miguel Monteiro.
Obtaining this degree of visibility is, according to the person responsible, “a way of helping companies, municipalities or even, perhaps, the Government, so that they can gain notoriety in their issuance” of securities, with which they can diversify sources of financing.
BVC has already issued six sustainable bonds that raised around 35 million euros for social projects and works related to environmental protection and energy transition within the scope of the Blu_X sustainable finance promotion platform, created in a strategic partnership with the Nations Program United Nations for Development (UNDP).
Miguel Monteiro pointed out as examples the creation of Morabi – Cape Verdean Association for Women’s Self-Promotion, renewable energy projects on the islands of São Vicente and Sal or requalification work in several municipalities, among other actions.
These are “visible” works, showing “clearly that the 35 million euros had an impact on society and the idea is to have more and more projects”.
The milestone of the dual listing was applauded by Julie Becker, president of the Luxembourg Stock Exchange, who participated via videoconference in today’s presentation and defended the initiative as an example to achieve two victories: financing the Sustainable Development Goals (SDGs) and provide a return to investors who provide capital.
“Where do we want to be in seven years’ time”, he asked, alluding to the target (2030) established to achieve the 17 SDGs established by the United Nations and highlighting the pioneering role of Cape Verde, because, globally, only 6% of sustainable emissions have been done in developing countries – where they are most needed.
The Cape Verdean Minister of Communities, Jorge Santos, joined today’s ceremony and portrayed the double listing as a reflection of the proximity between the two countries (with a large Cape Verde diaspora), thus consolidating a new phase of cooperation.
The government official highlighted the initiative as “a historic milestone, a first step in the internationalization” of the Cape Verdean capital market. The Week with Lusa
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