Corporate Governance 2026

CABO VERDE TRENDS AND DEVELOPMENTS Contributed by: Nelson Raposo Bernardo, Joana Andrade Correia, Júlio Martins Júnior and Manuel Esteves Albuquerque, Raposo Bernardo & Associados

Strategic considerations for investors While the opportunities are significant, investors should approach the Cabo Verdean market with a clear understanding of its evolving regulatory land - scape. The integration of climate considerations into all levels of decision-making means that environmen - tal and social due diligence will be essential. Compli - ance is no longer a procedural requirement; it is a core element of project viability. At the same time, the institutional framework, while improving, remains a key factor. Effective co-ordina - tion between public entities and the capacity to imple - ment complex projects will be critical to the success of the ongoing reforms. Finally, reliance on international financing and partner - ships requires investors to be familiar with the expec - tations and standards of multilateral institutions. This includes not only legal compliance but also adherence to governance and transparency principles. Cabo Verde is positioning itself as a forward-looking jurisdiction, where economic development is closely tied to sustainability and resilience. The combination of strategic investment in the blue economy and a robust climate policy framework creates a unique market dynamic. For investors, this represents a compelling propo - sition. The country offers access to infrastructure projects, growing sectors and structured financing, within a regulatory environment that is increasingly aligned with global standards. However, this oppor - tunity comes with a clear requirement: to engage with the market on its own terms. Success will depend on the ability to align investment strategies with national priorities, integrate sustainability considerations, and navigate a regulatory framework that is both evolving and increasingly demanding. In this sense, Cabo Verde is not simply an emerging market. It is a market in transition, where direction is clear and the legal framework is progressively rein - forcing that trajectory.

interventions in water management, soil conservation, reforestation, protected areas and coastal resilience. It also includes measures specifically targeting fishing communities, recognising their exposure to climate- related risks. From an investment standpoint, the programme creates opportunities across multiple sectors. Infra - structure development in water and agriculture, envi - ronmental services, sustainable fisheries, and com - munity-based projects all offer potential entry points. The emphasis on local implementation and partner - ships with private operators further reinforces the role of the private sector in delivering these initiatives. Emerging investment trends The convergence of the blue economy development and climate policy is generating a number of struc - tural trends that are reshaping Cabo Verde’s invest - ment environment. A first trend is the alignment with international regulatory and financial standards. The involvement of institutions such as the European Investment Bank brings with it strict requirements in terms of environmental and social compliance, pro - curement procedures and governance. This enhances transparency and predictability, making the market more attractive to international investors. A second trend is the increasing sophistication of financing structures. The use of blended finance, combining loans, grants and guarantees, allows for more efficient risk allocation and improves the viability of large-scale projects. This is particularly relevant in infrastructure and climate-related investments, where capital intensity is high. A third trend is the central role of sustainability as a driver of value. Projects that contribute to energy transition, resource efficiency or environmental pro - tection are likely to benefit from regulatory support and access to financing. Conversely, projects that do not align with these priorities may face increasing constraints.

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