Cape Verde in 2011 received the most per capita remittances from emigrants than any other African country in 2011 according to a study published during the annual meeting of the African Development Bank (ADB), underway in Arusha, Tanzania.
Remittances sent back to Cape Verde by Cape Verdean emigrants totalled US$306 per capita in 2011, which accounted for 8 percent of the country’s gross domestic product (GDP), as compared to 9.4 percent in 2010.
Cited by Pan-African news agency Panapress, the study showed that the countries listed after Cape Verde were Lesotho (US$291), Morocco (US$219.8), Mauritius (US$192.8) and Tunisia (US$174.9).
Studies on the use of transferred funds showed that, firstly, remittances are used for the daily needs of families, followed by health and education expenses, and finally real estate investments and individual businesses.
Official figures from the Bank of Cape Verde showed that funds transferred to Cape Verde rose from US$109 million in 2003 to US$144 million in 2010. (macauhub)