Remittances from Portugal to Cape Verde break records, driven by labor mobility agreement
Financial remittances from Cape Verdeans residing in Portugal to their country of origin reached record levels. Portugal is the main country of origin for remittances, contributing almost 100 million euros annually.
Financial remittances from Cape Verdeans residing in Portugal to Cape Verde reached historic levels, significantly boosting the Cape Verdean economy. According to the Minister of Communities, Jorge Santos, Portugal stands out as the main country of origin for remittances, contributing almost 100 million euros annually.
Speaking to the press, Santos highlighted the crucial role of the labor mobility agreement between Cape Verde and Portugal in boosting these remittances. The agreement, which allows for the safe and regular labor migration of Cape Verdeans to Portugal, has facilitated the integration of thousands of workers into the Portuguese labor market, especially in the transport sector, as evidenced by the partnership with the company Barraqueiro.
"The labor mobility agreement has been a unique opportunity for our young people, who find a promising job market and decent working conditions in Portugal", stated the minister.
Remittances sent by Cape Verdeans in the diaspora represent around 50% of the Cape Verdean State budget, highlighting the strategic importance of this source of financing for the country's development.
