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. Most media articles state that the financing came through an official investment. According to an article from Macau Hub, in November 2006, CMBC signed an agreement to invest an unspecified amount of money into this project. Multiple sources say the construction contract cost about $54 million USD, but Macau Hub says the total investment was rumored to be close to $80 million USD. No donor or recipient official sources confirmed the overall investment amount. The original cement factory site was in Santa Cruz on Santiago Island, but in 2013, works were delayed because parties could not agree on a site. The planned production capacity was 350,000 tons and was intended to support major infrastructure projects financed by China, World Bank, and the US.

Number of official sources

3

Number of total sources

12