Cape Verde Sovereign Fund

Cape Verde Sovereign Fund
Native name
Fundo Soberano de Garantia do Investimento Privado, S.A. (FSGIP)
TypePublic guarantee fund
IndustryPublic finance
Founded2019
FounderGovernment of Cape Verde
HeadquartersPraia, Cape Verde
Area served
Cape Verde
Key people
João Carlos Tavares Fidalgo (Chairman)
ProductsFinancial guarantees and investment support
OwnerGovernment of Cape Verde
Websitewww.fundosoberano.cv

Cape Verde Sovereign Fund is the common designation of the Fundo Soberano de Garantia do Investimento Privado (FSGIP), a public institution established in 2019 by the Government of Cape Verde with the objective of facilitating access to financing for private companies through the provision of guarantees in financial operations.[1]

Headquartered in the city of Praia, the fund was initially endowed with capital of €100 million, with provision for future increases.[2]

Unlike traditional sovereign wealth funds, the FSGIP operates primarily as a financial guarantee instrument, aiming to reduce the risks associated with business financing and facilitate access to capital markets.[3]

History

The FSGIP was established through Law No. 65/IX/2019 of 14 August as part of public policies aimed at strengthening financing mechanisms and promoting private investment in Cape Verde.[4]

In January 2021, the institution's first Board of Directors was appointed through Administrative Order No. 5/2021.[5]

In February 2023, the Board was restructured through Administrative Order No. 7/2023.[6]

In April 2025, a further restructuring took place through Administrative Order No. 9/2025, resulting in the appointment of João Carlos Tavares Fidalgo as Chairman of the Board of Directors.[7]

The fund became operational in 2023.[8]

Nature and operation

The FSGIP was conceived as an instrument to support economic financing, with a focus on providing guarantees for medium- and long-term financial operations.[9]

Its activities focus on reducing risk for lenders and investors, allowing the mobilisation of capital for business projects across different sectors of the economy.[10]

Structure

The governance structure of the fund includes:

  • Board of Directors
  • Advisory Board
  • Sole Auditor

The Board of Directors is responsible for the strategic and operational management of the institution.[11]

Chairpersons

Name Term
Adalgisa Barbosa Évora Vaz[12] 2021–2023
Pedro Mendes de Barros[13] 2023–2025
João Carlos Tavares Fidalgo[14] 2025–present

Activities

The fund began operations in 2023, focusing on the provision of guarantees for business projects.[15]

Among its publicly reported operations was participation in a bond issuance used to finance a hotel development project in Mindelo, on the island of São Vicente.[16]

See also

References

  1. ↑ "Law No. 65/IX/2019 of 14 August" (PDF). Bank of Cape Verde. Retrieved 14 April 2026.
  2. ↑ "Sovereign Fund with €100 million to finance national investments". Expresso das Ilhas. 23 May 2023. Retrieved 14 April 2026.
  3. ↑ "Law No. 65/IX/2019 of 14 August" (PDF). Bank of Cape Verde. Retrieved 14 April 2026.
  4. ↑ "Law No. 65/IX/2019 of 14 August" (PDF). Bank of Cape Verde. Retrieved 14 April 2026.
  5. ↑ "Administrative Order No. 5/2021". Official Gazette of Cape Verde. Retrieved 14 April 2026.
  6. ↑ "Administrative Order No. 7/2023". Official Gazette of Cape Verde. Retrieved 14 April 2026.
  7. ↑ "Administrative Order No. 9/2025". Official Gazette of Cape Verde. Retrieved 14 April 2026.
  8. ↑ "Sovereign Fund with €100 million to finance national investments". Expresso das Ilhas. 23 May 2023. Retrieved 14 April 2026.
  9. ↑ "Who We Are". Fundo Soberano. Retrieved 14 April 2026.
  10. ↑ "Who We Are". Fundo Soberano. Retrieved 14 April 2026.
  11. ↑ "Law No. 65/IX/2019 of 14 August" (PDF). Bank of Cape Verde. Retrieved 14 April 2026.
  12. ↑ Administrative Order No. 5/2021
  13. ↑ Administrative Order No. 7/2023
  14. ↑ Administrative Order No. 9/2025
  15. ↑ admin (2023-05-02). "Fundo Soberano com mais de uma dezena de pedidos de garantia para financiamento de projetos". Balai (in European Portuguese). Retrieved 2026-06-03.
  16. ↑ "Investors raise €12 million for a new hotel in São Vicente". Expresso das Ilhas. 29 June 2024. Retrieved 14 April 2026.
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