Africa Monitor

Africa Monitor Intelligence

Cape Verde: Bañuelos Captivates Government with EUR 800 Million Pledge

The plans of ENRIQUE BAÑUELOS DE CASTRO (EBC), a Spanish businessman who represents IHCV - Internacional Holding Cabo Verde, SGDP Sociedade Unipessoal, Lda. Are an object of growing questioning in Cape Verdean business circles. These plans follow an unsuccessful attempt by IHCV to buy Geocapital's stake in Caixa Económica de Cabo Verde, in an operation outside the capital market that had been approved by the Bank of Cape Verde (BCV), but which resulted in differences regarding to the amount to be payed.
One of the investments is the “Little Africa - Maio Eco Ilha” project, on the island of Maio, with an extension of 269 sq. km. To be built by the IHCV group, this project is announced as the largest investment ever in the country and received the personal support of PM ULISSES CORREIA e SILVA and Deputy PM OLAVO CORREIA (OC).
In the Spanish business world, EBC is known as a restless, temperamental investor and has important political contacts. In fact, it was through the hand of the State that he entered Cape Verde. The potential shareholder of the CECV was found by the Government of the MpD, which had in OC its “lead” for economic affairs. READ MORE