Africa-Press – Cape verde. It seems that the Government has once again fallen into the trap of believing in the project of the Spaniard Enrique Bañuelos de Castro, who had promised to invest more than 500 million euros in the island of Maio. This, after this same businessman did not comply with the purchase of 25.44% of the shares that Geocapital held in Caixa Económica. The authorities do not want to talk about this matter.
The establishment agreement for the construction of the “Little Africa Maio” project was signed on December 15, 2020, in the midst of the covid-19 pandemic, between the Government of Cape Verde, represented by the Deputy Prime Minister, Olavo Correia, and by the managing partner and founder of International Holding Cabo Verde, Lda, Enrique Bañuelos de Castro, at the Government Palace, in the presence of the prime minister, Ulisses Correia e Silva, and other members of the executive.
However, nine months later, there are no signs of the works, which were supposed to start on July 1, 2021, according to the commitment made between the parties, on April 24, the date on which the public presentation of this mega project was made.
Cape Verde Trade Invest’s silence
The authorities prefer not to talk about the matter, as is the case of the president of Cabo Verde Trade Invest, José Almada Dias, who did not provide at least five minutes in his “super-charged” schedule to speak with A NAÇÃO, in order to clarify what was happening. could be behind this dossier.
This newspaper has tried to get in touch with Almada Dias since February 7th, through phone calls, messages and sms, in order to obtain information about “Little Africa Maio” and about the progress of the work on the Gamboa tourist complex, promoted by David Chow , another equally worrying case, but he did not deign to answer our calls and reply to our messages (see “Cabo Verde Trade Invest presided over from Mindelo”).
We also tried to talk to the president of the Tourism Development Society of the Islands of Boa Vista and Maio (SDTIBM), Luís Silva, but he, too, did not answer our calls.
In turn, the Mayor of Maio, Miguel Rosa, also contacted by this newspaper, said that he would only issue an opinion on “Little Africa Maio”, after a statement from the competent authorities.
Mayor concerned
Concerned, however, about the delay in starting the works, in October 2021 (therefore, four months ago), that mayor called on the press to urge the Government to follow up and speed up the Little Africa Maio project file, under penalty of the island lag behind in the process of development and recovery of tourism in the country.
“While on the one hand we must congratulate the Government of the Republic, which has shown a sense of responsibility over these three years, in relation to the Little Africa Maio Project, we understand that its implementation cannot be postponed any longer”, said Miguel Rosa .
For the Mayor of May, this is the opportune moment for Little África Maio to get off the ground and be effectively implemented, otherwise the island of Maio will be left behind, with negative consequences at various levels.
For Miguel Rosa, in difficult times, resulting from the covid-19 pandemic, the realization of “Litte África Maio” will be a great gain for both Maio and Cape Verde.
At the time (October), Miguel Rosa’s statement seemed, to the eyes of the less attentive, just another pretext to put the island of Maio on the media agenda. Or a way of putting pressure on the Executive, in Praia, to unlock the obstacles that could be hampering the “solution” of Maio’s development problems. Today, on closer inspection, the story seems to be different (see “Little Africa May” on paper).
A beautiful mega project on paper: investment of 500 million euros
The works for the construction of the support infrastructures of the “Little Africa” project were due to start on June 1, 2021, but, nine months later, there is no sign of this and the matter is no longer discussed.
UCS: biggest investment ever made in the country
In the act of signing the agreement, the Head of Government highlighted the economic and social impact of “this great project” that should extend to the island of Santiago and the national whole. Ulisses Correia e Silva (UCS) also considered that this project “positions Cape Verde with a reference investment that builds bridges between Africa and Europe and constitutes a hub for the African continent”.
This tourist development project on the island of Maio was considered, at the time, by the chief executive, as the largest investment ever made in the country, due to its value, reaching 500 million euros, and for the impact in terms of jobs, creation of wealth, generating tax revenue, locating international companies and attracting other investments.
More than 8 thousand jobs
“Signing this Establishment Convention in the midst of the covid-19 pandemic is undoubtedly a demonstration of confidence in the country’s future on the part of the promoter that we must recognize and that will certainly contribute to greater credibility and attractiveness of the country for the investments”, said Ulisses Correia e Silva. If one day this project gets off the ground, it will cost 500 million euros to create more than 8,000 jobs.
Project of “exceptional interest, says the Government
The investment promises to change the reality of May with facilities that integrate a Tourist-Residential, Cultural and Business Center – Hub for Africa, in the Integrated Tourism Development Zone of the south of Ilha do Maio, as well as in the areas where associated structures will be built ( an international airport, new port, energy production areas, water, logistics, quarries and materials processing services).
Faced with such promises, the Government of Cape Verde declared the project to be of “exceptional interest” within the framework of the country’s socio-economic development strategy. The project, which was negotiated with Cabo Verde Trade Invest as an interlocutor, will consist of two huge structures: Africa World and Maio Vila.
Africa World and Maio Vila
Africa World encompasses the entertainment part. In this space, a large complex will be created with museums and exhibition halls from African countries, theater, casino, shops, congress/exhibition and business centre, international business centre, state-of-the-art hospital, international college, housing for executives, and other workers. It will also include the Little Africa Resorts tourist complex with 3000 rooms.
Maio Vila is geared towards luxury residential tourism with villas with a social club, concierge, security and other services. An integrated tax-free zone and duty-free shops will also be set up.
The investment will be made in three phases, starting with the infrastructure and construction of the Africa World facilities. The construction of Vilas Maio East and Vilas Maio West conclude the construction phase of the project.
Works were due to start on July 21, 2021
In April 2021, at the presentation of “Little Africa May”, the Spanish investor Enrique Bañuellos said that the physical works of the infrastructure should start from July 2021, after the new Government takes office and the approval in Parliament of the law which regulates the actions of this project, considering that it “had already been studied”, which allowed the signing of a memorandum of understanding between the Government and the aforementioneIt seems that the Government has once again fallen into the trap of believing in the project of the Spaniard Enrique Bañuelos de Castro, who had promised to invest more than 500 million euros in the island of Maio. This, after this same businessman did not comply with the purchase of 25.44% of the shares that Geocapital held in Caixa Económica. The authorities do not want to talk about this matter.
The establishment agreement for the construction of the “Little Africa Maio” project was signed on December 15, 2020, in the midst of the covid-19 pandemic, between the Government of Cape Verde, represented by the Deputy Prime Minister, Olavo Correia, and by the managing partner and founder of International Holding Cabo Verde, Lda, Enrique Bañuelos de Castro, at the Government Palace, in the presence of the prime minister, Ulisses Correia e Silva, and other members of the executive.
However, nine months later, there are no signs of the works, which were supposed to start on July 1, 2021, according to the commitment made between the parties, on April 24, the date on which the public presentation of this mega project was made.
Cape Verde Trade Invest’s silence
The authorities prefer not to talk about the matter, as is the case of the president of Cabo Verde Trade Invest, José Almada Dias, who did not provide at least five minutes in his “super-charged” schedule to speak with A NAÇÃO, in order to clarify what was happening. could be behind this dossier.
This newspaper has tried to get in touch with Almada Dias since February 7th, through phone calls, messages and sms, in order to obtain information about “Little Africa Maio” and about the progress of the work on the Gamboa tourist complex, promoted by David Chow , another equally worrying case, but he did not deign to answer our calls and reply to our messages (see “Cabo Verde Trade Invest presided over from Mindelo”).
We also tried to talk to the president of the Tourism Development Society of the Islands of Boa Vista and Maio (SDTIBM), Luís Silva, but he, too, did not answer our calls.
In turn, the Mayor of Maio, Miguel Rosa, also contacted by this newspaper, said that he would only issue an opinion on “Little Africa Maio”, after a statement from the competent authorities.
Mayor concerned
Concerned, however, about the delay in starting the works, in October 2021 (therefore, four months ago), that mayor called on the press to urge the Government to follow up and speed up the Little Africa Maio project file, under penalty of the island lag behind in the process of development and recovery of tourism in the country.
“While on the one hand we must congratulate the Government of the Republic, which has shown a sense of responsibility over these three years, in relation to the Little Africa Maio Project, we understand that its implementation cannot be postponed any longer”, said Miguel Rosa .
For the Mayor of May, this is the opportune moment for Little África Maio to get off the ground and be effectively implemented, otherwise the island of Maio will be left behind, with negative consequences at various levels.
For Miguel Rosa, in difficult times, resulting from the covid-19 pandemic, the realization of “Litte África Maio” will be a great gain for both Maio and Cape Verde.
At the time (October), Miguel Rosa’s statement seemed, to the eyes of the less attentive, just another pretext to put the island of Maio on the media agenda. Or a way of putting pressure on the Executive, in Praia, to unlock the obstacles that could be hampering the “solution” of Maio’s development problems. Today, on closer inspection, the story seems to be different (see “Little Africa May” on paper).
A beautiful mega project on paper: investment of 500 million euros
The works for the construction of the support infrastructures of the “Little Africa” project were due to start on June 1, 2021, but, nine months later, there is no sign of this and the matter is no longer discussed.
UCS: biggest investment ever made in the country
In the act of signing the agreement, the Head of Government highlighted the economic and social impact of “this great project” that should extend to the island of Santiago and the national whole. Ulisses Correia e Silva (UCS) also considered that this project “positions Cape Verde with a reference investment that builds bridges between Africa and Europe and constitutes a hub for the African continent”.
This tourist development project on the island of Maio was considered, at the time, by the chief executive, as the largest investment ever made in the country, due to its value, reaching 500 million euros, and for the impact in terms of jobs, creation of wealth, generating tax revenue, locating international companies and attracting other investments.
More than 8 thousand jobs
“Signing this Establishment Convention in the midst of the covid-19 pandemic is undoubtedly a demonstration of confidence in the country’s future on the part of the promoter that we must recognize and that will certainly contribute to greater credibility and attractiveness of the country for the investments”, said Ulisses Correia e Silva. If one day this project gets off the ground, it will cost 500 million euros to create more than 8,000 jobs.
Project of “exceptional interest, says the Government
The investment promises to change the reality of May with facilities that integrate a Tourist-Residential, Cultural and Business Center – Hub for Africa, in the Integrated Tourism Development Zone of the south of Ilha do Maio, as well as in the areas where associated structures will be built ( an international airport, new port, energy production areas, water, logistics, quarries and materials processing services).
Faced with such promises, the Government of Cape Verde declared the project to be of “exceptional interest” within the framework of the country’s socio-economic development strategy. The project, which was negotiated with Cabo Verde Trade Invest as an interlocutor, will consist of two huge structures: Africa World and Maio Vila.
Africa World and Maio Vila
Africa World encompasses the entertainment part. In this space, a large complex will be created with museums and exhibition halls from African countries, theater, casino, shops, congress/exhibition and business centre, international business centre, state-of-the-art hospital, international college, housing for executives, and other workers. It will also include the Little Africa Resorts tourist complex with 3000 rooms.
Maio Vila is geared towards luxury residential tourism with villas with a social club, concierge, security and other services. An integrated tax-free zone and duty-free shops will also be set up.
The investment will be made in three phases, starting with the infrastructure and construction of the Africa World facilities. The construction of Vilas Maio East and Vilas Maio West conclude the construction phase of the project.
Works were due to start on July 21, 2021
In April 2021, at the presentation of “Little Africa May”, the Spanish investor Enrique Bañuellos said that the physical works of the infrastructure should start from July 2021, after the new Government takes office and the approval in Parliament of the law which regulates the actions of this project, considering that it “had already been studied”, which allowed the signing of a memorandum of understanding between the Government and the aforementioned group of investors.
Purchase of 25.44% of Caixa Económica
Banuelos de Castro failed to mobilize 10 million
What is somewhat strange is the fact that Enrique Bañuelos de Castro wanted to go ahead with the “Little Africa May”, budgeted at 500 million euros, when he was unable to mobilize 10 million euros for the purchase of 25.44% of the shares that the Geocapital held in Caixa Económica de Cabo Verde (CECV).
Regarding the intention to purchase Geocapital’s stake in the share capital of CECV, in the amount of 25.44%, by Bañuelos de Castro, on behalf of IHCV – International Holding Cabo Verde, SGPS Sociedade Unipessoal Lda, NAÇÃO is aware that BCV , after taking all the steps foreseen and complying with all legal and regulatory formalities, did not oppose the sale of that shareholding.
However, to the “surprise” of the Central Bank, the deal did not materialize within the legally prescribed time, which led this institution to communicate to the parties involved “the closure of the process of acquisition of a qualified holding corresponding to 25.44% of the share capital of Caixa Económica de Cabo Verde, SA (CECV) by IHCV – International Holding Cabo Verde, SGPS Sociedade Unipessoal, Lda., represented by Mr. Enrique Bañuelos de Castro.”
However, the Government opted for the acquisition of this participation. As a result, the State of Cape Verde (Treasury, INPS and Correios de Cabo Verde) currently has a qualified holding in the CECV of more than 80%.
To the great astonishment of those in the know, on the eve of the April 2021 legislative elections, an agreement was signed with Bañuelos de Castro for the construction of the “Little Africa May” project.
In other words, the same person who, after authorization to purchase the stake given by the BCV, was no longer in a position to consummate the deal worth a few tens of millions of euros, for alleged financial reasons and because share prices were very high, appeared as the biggest investor that Cape Verde would have, promising to invest more than 500 million euros in the “Litle Africa Maio” project.
With that, “Litle Africa Maio” runs the risk of being another mega project of “model tourism”, always launched with pomp and circumstance, eventually falling into oblivion.
In thirty years of open economy and turned to tourism, the list of projects of this kind launched and that never left the model is already extensive. Miguel Rosa, Mayor of Maio, has reason to be concerned.
Cabo Verde Trade Invest chaired from Mindelo
At a time when the Ministry of Tourism was already transferred to the island of Sal, where the Tourism Institute was already located, the president of Cabo Verde Trade Invest, José Almada Dias, is still based in São Vicente, the island where he resides.
Appointed to the position in March 2020, that manager and entrepreneur never moved to Praia, continuing to deal with the affairs of the entity he presided over from the “delegation” of Mindelo. The fact that his appointment took place days before the arrival of covid-19 in the country (March 2020) was used to justify his stay in São Vicente.
Allegedly illegal situation
However, when consulted on the subject, a jurist replied that we are faced with a “clearly illegal” situation, since those directly responsible for agencies’ bodies and other State institutions must reside and work there where they are based.
Incidentally, given the difficulties in talking to the CEO of Cabo Verde Trade Invest, this report Cabo Verde Trade Invest, chaired from Mindelo, realized the situation by going personally to the headquarters of this entity, in Praia, near Praça Cruz de Papa, to try to find out what is happening with the projects of David Chow, in Gamboa, and those of Enrique Bañuleos de Castro, on the island of Maio.
But, as soon as we entered, we were informed that the PCA is in São Vicente and that we would have to contact the delegation in Mindelo to schedule a conversation (interview) with him.
“The president is too busy”
When the delegation was contacted, our attempts again did not have the desired effect, because, on the other hand, we always received the same answer: “The president is very busy”.
However, at our insistence, Almada Dias decided to send us an sms, on Friday, February 25th, asking what the matter was about. Our response was immediate.
“I apologize I have been super busy and in a period of many travels”, he added, even so, he scheduled a conversation with A NAÇÃO for Tuesday, March 1, at 11 am.
Apologies and more excuses
But, on Monday, 28, in the morning, the secretary called us to say that the interview had been postponed to 3 pm on Tuesday and, in the afternoon, she called again informing that the conversation had passed to the 15:30.
To our amazement, when there were about two hours left for the interview that was scheduled for 15:30 on Tuesday, we received another call from the secretary of the president of CV Trade Invest informing us this time that the interview had been canceled , because, at that time, Almada Dias would have a meeting with a minister.
A member of the previous board of directors of Cabo Verde Trade Invest, José Almada Dias was appointed PCA on March 16, 2020, succeeding Ana Lima Barber, named commissioner-general of our country at Expo Dubai 2020. CV Trade Invest is responsible for promote sustainable, inclusive and balanced economic growth in the country, with the mobilization of quality investments and the promotion of exports of products and services
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