Minister of Economy, Growth, and Competitiveness Fatima Fialho of Cape Verde

At the same Ocotber meeting, Economy Minister Fialho said she was optimistic having in mind the many new tourist complexes still being build on Sal Island and the continued interest by investors.

Economy Minister Fatima Fialho said she expects FDI of about 20 billion euros (NZ$42.

Fialho said that the former Portuguese colony, already rated B+ by Fitch, was in talks with rating agency Standard Poor's that were likely to produce a rating.

Meanwhile, Cape Verde has called for the establishment of an international financial market in the islands and a change to laws relating to activities of offshore funds, Economy Minister Fatima Fialho said Tuesday.

Fialho said her government wants to make the archipelago a financial centre with a “highly credible jurisdiction” over offshore banks, many of which are Portuguese.

Questioned on Cape Verde’s Banco Insular and its possible involvement in the recent problems of BPN bank, Fialho said investors had nothing to worry about “in relation to business carried out in Cape Verde.

Economy Minister Fatima Fialho said Wednesday the islands are in the process of altering trade legislation, as occurred with standardization of customs rules last year.

However, economy minister Fatima Fialho has clarified the situation.

Economy minister Fatima Fialho said in a radio interview: The policy of this Government is to promote foreign investment and negotiations with each promoter will continue to be the same.

There was concern that major projects could be lost so the Economy minister Fatima Fialho has stepped in to stop the rumours.