The USAID-funded West Africa Trade & Investment Hub (Trade Hub) has significantly impacted Cabo Verde's economy through its co-investment partnerships. The Trade Hub, which provided $2.4 million in co-investment grants from USAID/Sahel and USAID/West Africa, supported five companies across various sectors including pharmaceuticals (Inpharma), agriculture (Agrosoluções), fish processing (Fresk, SUCLA), and financial services (Injaro Investments). These initiatives resulted in the creation of 386 jobs, $19 million in sales, and attracted $6.5 million in private sector investment.
These accomplishments were highlighted at the Trade Hub’s Learning Event held on May 14, 2024, in Cabo Verde. Titled “Forging Economic Resilience and Job Growth through Private Sector Advancement,” the event featured discussions on the impact of these partnerships. The event included a display of products, multimedia presentations, and three panel discussions focusing on economic growth post-COVID-19 through investment in agriculture and fisheries; fostering youth employment and economic expansion through trade and export development; and strengthening SMEs with blended finance and impact investments.
Key speakers included His Excellency Dr. Olavo Correia, Deputy Prime Minister and Minister of Finance of Cabo Verde, and U.S. Ambassador to Cabo Verde John Daigle. Mr. Daigle stated, “Today’s event reaffirms [the U.S. Government’s] commitment to supporting economic growth and prosperity in Cabo Verde.”
Government officials discussed policies designed to support private sector advancement while highlighting ongoing collaborations with the U.S. Government. Austan Mogharabi, Director of USAID/Sahel Regional Technical Office, emphasized the achievements of the Trade Hub Activity: “The Trade Hub Activity has achieved significant milestones... These success stories are a testament to the power of collaboration.”
Following the Learning Event, USAID teams conducted site visits with all five partners as well as two investees of Injaro Investments on Santiago and Sao Vicente islands. These visits facilitated deeper engagement with partners to understand challenges faced during COVID-19, explore further government engagement opportunities, and discuss sustainability plans.
USAID teams expressed satisfaction with the outcomes of these partnerships in Cabo Verde.
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