The Cabo Verde Stock Exchange (BVC) has officially joined the United Nations Sustainable Stock Exchanges (UN SSE) Initiative, marking a significant step in strengthening its commitment to sustainable finance, responsible investment, and transparent capital markets.
The UN SSE Initiative is a global partnership convened by the United Nations that brings together stock exchanges, investors, regulators, and other capital market stakeholders to promote the integration of environmental, social, and governance factors and long-term value creation in capital markets. By joining the initiative, the BVC becomes part of an international network of over 130 exchanges working to align capital markets with sustainable development objectives.
Commenting on the announcement, the Board of Directors of the Cabo Verde Stock Exchange said: “It is a great honor for the Cabo Verde Stock Exchange to join the United Nations Sustainable Stock Exchanges initiative as a Partner Exchange. This membership reinforces our commitment to promoting transparency, good governance, and sustainable finance in our market. We look forward to working with the SSE and our peers worldwide to accelerate the development of sustainable financing and investment opportunities.”
Through its participation in the UN SSE Initiative, the BVC will promote greater awareness and adoption of sustainable practices among listed companies, support capacity-building initiatives for market participants, and engage in global dialogue on the role of capital markets in advancing sustainability. The initiative also provides a platform for sharing best practices and collaborating with peer exchanges worldwide.
The decision to join the UN SSE Initiative aligns with Cabo Verde’s national development priorities and its commitment to the United Nations Sustainable Development Goals (SDGs). By encouraging sustainable investment practices, the BVC aims to enhance market resilience, attract responsible capital, and contribute to inclusive and long-term economic growth.
BVC’s Leadership in Sustainable Finance
The BVC has been at the forefront of sustainable finance in Cabo Verde through its platform, Blu-X, launched in partnership with the United Nations Development Programme (UNDP) in 2021. Blu-X is focused on listing and trading sustainable and inclusive financial instruments.
The BVC facilitated the issuance and listing of the country’s first blue bond in March 2023, issued by the International Investment Bank (iib), which successfully raised $3.5 million (350 million escudos) to finance projects in the sustainable maritime and fisheries sectors. Demand for the bond exceeded the initial supply, reflecting strong investor interest in sustainable finance solutions in Cabo Verde.
In November 2023, the iib blue bond achieved international visibility through a double-listing on the Luxembourg Green Exchange (LGX), marking a significant milestone in international cooperation on sustainable finance. The proceeds from the bond have been used to provide affordable loans to microentrepreneurs and small and medium-sized enterprises (MSMEs) in coastal communities, supporting inclusive economic development and sustainable livelihoods.
Dr Anthony Miller, Chief Coordinator of the UN Sustainable Stock Exchanges Initiative, welcomed the Cabo Verde Stock Exchange’s participation, stating: “We are pleased to welcome the Cabo Verde Stock Exchange to the UN Sustainable Stock Exchanges Initiative. BVC’s commitment to advancing transparency, good governance, and sustainable finance reflects the growing momentum for sustainability-aligned capital markets in Africa and small island developing states. Its participation will contribute to strengthening inclusive and resilient financial systems that support long-term sustainable development.”