China Building Material Industrial Corporation (CMBC) invests in cement plant in Cabo Verde

In March 2003, Chinese representatives from CMBC visited Cabo Verde to inspect a potential cement plant project (佛得角水泥项目 or fábrica de cimento) and carry out a feasibility study.

In October 2003, according to CSIS, the first major Chinese state-owned investment in Cabo Verde was signed in a $54 million USD contract with state-owned China Building Material Industrial Corporation for Foreign Economic Technical Cooperation (CMBC). According to the AfDB source, this contract was financed through Chinese government financing.

Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.