Sustainable Development
Working Paper 205/2025: Obstacles to US Pension Fund Investment in Africa
Abstract
The Africa Finance Corporation (AFC) has been unable to raise capital from US pension funds despite its success in attracting investment from a diverse range of institutional investors. This article combines a case study of the AFC, consultations with senior-level professionals and experts, and a review of academic literature and industry reports to identify the reasons for the lack of investment in the AFC and the overall small share of investments in African entities by US pension funds. The research indicates institutional obstacles in the US pension fund investment ecosystem are mostly responsible for US pension funds forgoing investment in the AFC. More broadly, the research suggests inadequate returns, elevated risks, unsuitable investment characteristics, limited investment opportunities, higher costs, and poor liquidity are impeding investment in Africa. Efforts by development organizations and governments to accelerate capital market development, improve political and macroeconomic stability, and grow their capacity to deploy risk- sharing mechanisms could help increase US pension fund investment in Africa. US pension funds could benefit from reevaluating their investment policies, considering a larger allocation to fixed income investments abroad, and incentivizing investment consulting firms to build their capacity to provide investment advice for African markets.
Cite this Working Paper
Preston, Daniel (2025). “Obstacles to US Pension Fund Investment in Africa”. CEsA/ISEG Research – Documentos de trabalho nº 205/2025
African agency in geopolitical times: playing with EU and Chinese ontological security
Abstract
In 2021 the European Union (EU) launched Global Gateway (GG). This new €300 billion European strategy is intended to boost the EU’s involvement in areas such as transport infrastructure, green energy, and digitalisation in developing countries. The African continent is expected to benefit with half of the expected figures. Much of the debate in the past few years has attempted to dissect the (geo)political, financial and economic dimensions of GG from the perspective of Brussels and EU Member States’ policymakers. However, very little has been discussed on how African policymakers have perceived GG. This paper will thus focus on African agency in the context of GG and the broader framework of Africa–EU relations. Moreover, it will compare this agency with that which has been displayed in the past decade of relations between Africa and China. Drawing on an ontological security analytical framework, the paper seeks to understand the new dynamics and contestations of African agency in the continent’s relations with the EU and China that have been ignored in both mainstream and critical approaches to EU foreign policy studies.
Cite this Paper
Duggan, N., Haastrup, T., Hogan, J. J., Mah, L., & Bernardo, L. (2025). African agency in geopolitical times: playing with EU and Chinese ontological security. Third World Quarterly, 1–22. https://doi.org/10.1080/01436597.2025.2551134
A Framework on Eudaimonic Well-Being in Destination Competitiveness
Abstract:
This research proposes a framework for Eudaimonic well-being in destination competitiveness. This framework is based on the theoretical Ritchie and Crouch’s model (1993, 2000, 2003) and the recent theoretical notion that a travel trip may influence life satisfaction through tourists’ experiences. We conducted a qualitative study based on 34 in-depth interviews with key tourism stakeholders in Cape Verde, a small island developing country (SIDS) dependent on the tourism sector. The findings contribute to identifying specific sources of positive and negative effects that may affect the tourists’ and residents’ overall sense of well-being and thus affect the overall destination competitiveness.
Cite this Paper:
Sarmento, E. M., Loureiro, S., Mendes, Z., Monteiro, J. M., & Fernandes, S. (2025). A Framework on Eudaimonic Well-Being in Destination Competitiveness. Tourism and Hospitality, 6(3), 135. https://doi.org/10.3390/tourhosp6030135
Quo Vadis Turismo
Cite this paper:
Sarmento, E. (2025). Quo Vadis Turismo. In Anuário do Turismo de Cabo Verde: A Consolidação dos Produtos Turísticos – 2025 (pp. 14-15). Praia, Cabo Verde.
Working Paper 203/2025: Marés de Mudança: Portugal e a importância da sua Plataforma Continental
Abstract:
Portugal, known for its historic maritime traditions, is currently immersed in a strategic ambition regarding the expansion of its continental shelf driven by geopolitical, economic and environmental factors, placing the country before a dynamic maritime scenario full of challenges and opportunities. The rise of the blue economy, synonymous with a sustainable economy, redefines the indispensability of the ocean and its centrality in the balance of building the sustainable development that is sought globally (Cristas, 2022). Using a qualitative methodology, the aim is to reflect on the main benefits that Portugal can obtain from the possible approval of the expansion of its continental shelf, by the United Nations Organisation (UNO). The future, according to the National Strategy for the Sea 2021-2030 (República Portuguesa, 2021), should involve defining a strategy, based on a system of alliances, that will allow Portugal to move forward with the sustainable exploitation of the marine resources (Seguro, 2022).
Cite this Working Paper:
Pinguinha, Sofia Rocha and Eduardo Moraes Sarmento (2025). “Marés de Mudança: Portugal e a importância da sua Plataforma Continental”. CEsA/CSG – Documentos de trabalho nº 203/2025
Ebook – 3rd EJICPLP Africa: A ciência para a realização dos Objectivos de Desenvolvimento Sustentável da Agenda 2030
Abstract:
It is with great pleasure that we present the outcomes of the 3rd Meeting of Young Researchers from the CPLP on Africa, held in Luanda on 27 and 28 March 2024. This event, which has already established itself as a key platform for science and development within the Community of Portuguese Language Countries (CPLP), brought together more than 700 participants around the theme “Science for the Achievement of the Sustainable Development Goals of the 2030 Agenda,” fostering a fertile environment for the exchange of ideas, reflections, and collaborations.
With around 30 speakers, including senior researchers, experts, and high-level national and international institutional representatives from various fields of study, eight thematic panels were discussed to deepen knowledge about Africa and its sustainable development, particularly in the areas of Tourism, Energy, Education, Economy, and African Women. The event addressed critical issues related to poverty eradication, environmental protection, and social prosperity. This edition highlighted the role of science in transforming African realities, reflecting on the implementation of the Sustainable Development Goals (SDGs) in the context of the Global South.
The importance of this Meeting goes beyond the impressive number of participants or the lively discussions that marked the two days of activities. The event is a unique scientific forum for young people across the CPLP and brings together a vibrant network of researchers in an itinerant and innovative format. It represents the collective effort of young researchers to give voice to issues that directly affect the development and future of their countries, reinforcing the scientific leadership of CPLP youth.
In this edition, 35 scientific papers by young researchers were presented, selected from among the 65 papers received through the Call for Papers, by a Scientific Committee composed of 30 professors from various universities in CPLP countries.
This book is more than a simple collection of articles; it represents the dedication of young researchers who strive to redefine the role of science in their societies. Through the discussions and analyses presented here, we hope not only to inspire new debates, but also to encourage concrete actions in support of inclusive and sustainable development in CPLP countries.
With the crucial support of the Centre for African and Development Studies (CEsA) and partner organisations such as Angola’s Ministry of Higher Education, Science, Technology and Innovation, and Felcos Umbria, this edition also demonstrates the value of collaboration and international partnerships essential to the success of this project.
We hope these pages offer an enriching perspective on the scientific contributions of Portuguese-speaking youth, as well as concrete actions towards inclusive and sustainable development, particularly in the PALOP countries.
We believe this book marks a milestone on the path towards a more open, collaborative, and transformative science.
Cite this e-book:
D’Abril, Cristina Molares e Jessica Falconi (2024). “III EJICPLP África: A ciência para a realização dos Objectivos de Desenvolvimento Sustentável da Agenda 2030”. ISBN: 978-989-54687-6-8
Mundo Crítico n.º 10: Desenvolvimento e paz em tempos de conflitos
Abstract:
In the face of growing polarisation and the proliferation of conflicts worldwide, it is imperative to reflect on the state of the world and seek collective solutions and pathways to peace. Development Cooperation can serve as a means of fostering dialogue and action, playing a role in the search for positive and constructive responses to promote peace and sustainable development on a global scale. However, as Sara De Simone and Pedro Rosa Mendes emphasise in the opening “imperfect conversation” of this issue, there are no one-size-fits-all solutions. It is crucial to involve all stakeholders — both formal and informal actors — in dialogue for peace and reconciliation, prioritising solutions derived from endogenous processes.
Current conflicts, especially those that are highly mediatised and have significant global repercussions, such as the war in Ukraine and the Middle East, have devastating consequences for affected populations and regional stability. Beyond these, prolonged tensions and conflicts in other parts of the world, particularly in African countries, also have destabilising effects at both regional and global levels.
In this tenth edition of Mundo Crítico – Journal of Development and Cooperation, we examine how development processes are influenced by war and latent conflicts. We ask whether “underdevelopment” is genuinely a threat or if a narrative has taken root, dividing the world into zones prone to violence on its periphery and zones of peace at its decision-making centres. As a cross-cutting theme, migration emerges, highlighting the increasing instrumentalisation of the phenomenon and concessions to far-right rhetoric, particularly within the European Union.
This edition also includes a reflection on the role of women in dialogue and action for building lasting peace, the future of fragile states —many of which are victims of climate change, the pandemic, and “proxy conflicts” reminiscent of the Cold War — and the role of cities in rural conflict zones, such as Pemba in Mozambique.
The photographic essay in this issue explores the walls (still) standing across different continents, from Brazil to the Middle East, accentuating the division of the world and the disparities in who has the right to move freely. Finally, in a more journalistic tone, we address water-related conflicts and the neglect of Africa by major global news organisations.
Cite this Journal:
ACEP & CEsA (2024). “Desenvolvimento e paz em tempos de conflitos”. ISEG/CEsA – Centro de Estudos sobre África e Desenvolvimento. Revista Mundo Crítico nº 10 (Jun 2024). ISSN 2184-1926.
Mundo Crítico n.º 9: Representações do mundo no mundo das representações
Abstract:
The ninth edition of Mundo Crítico aims to critically analyse issues related to representations of the world and the relationships between the production and construction of visual and written narratives about the “other(s)”. This focus primarily, though not exclusively, stems from the field of “development support” organisations and journalism.
The edition opens with an “imperfect conversation” between Portuguese journalist António Rodrigues and Guinean activist and community leader Miguel de Barros. They discuss the need to bring forth a different idea of peripheries and alternative narratives, as well as the spectacle often made of cooperation and development.
The Knowledge and Circumstances section begins with Spanish journalist Alfonso Armada’s reflection on our society, drawing on Guy Debord’s warning about the transformation of politics and history into spectacles for consumption. Mozambican journalist Zenaida Machado sheds light on the situation in Cabo Delgado, Mozambique, where the plight of its people remains largely outside the “lens of international journalistic coverage,” overshadowed by the risks to multimillion-dollar investments in the region. From Guinea-Bissau, researcher Sumaila Jaló examines irregular migration through life stories turned into music, aiming to deconstruct prevailing perceptions of this reality. This section also features a reflection on the role of education for development and global citizenship, based on the Sinergias ED project, written by four researchers involved in the initiative. Finally, ACEP President Fátima Proença presents 10 proposals to change how NGOs communicate with society, striving for ethically grounded new narratives and information.
In Ways of Seeing, Mozambican photographer Yassmin Forte, winner of the 2023 Contemporary African Photography Prize, shares a photo essay inspired by her family’s history, beginning on the dance floor in Quelimane, Mozambique. Researcher Livia Apa explores how Senegalese television series contribute to portraying the country, while community leader Paulo Mendes reflects on the diaspora’s role in reshaping narratives about racism and the coloniser/colonised dichotomy.
In Innovations, we highlight an initiative by the Norwegian Fund for Students and Researchers that challenges the fundraising campaigns of international organisations. Meanwhile, in Graphic Echoes, illustrator Amanda Baeza offers a “two-act piece” bridging Chile and Portugal.
Finally, in Showcase, São Toméan audiovisual producer Katya Aragão and Guinean communication specialist Luana Pereira delve into books dedicated to hand-painted advertising in their respective countries, authored by a Polish graphic designer and researcher. They write inspired by and about these works.
The edition concludes with Leonor Teixeira’s review of a recent BOND guide on how NGO images should be used, always with the subjects in mind. The cover is by Guinean visual artist Nú Barreto, who created the piece especially for this edition. Happy reading!
Cite this Journal:
ACEP & CEsA (2023). “Representações do mundo no mundo das representações”. ISEG/CEsA – Centro de Estudos sobre África e Desenvolvimento. Revista Mundo Crítico nº 9 (Dez 2023). ISSN 2184-1926.
Mundo Crítico n.º 8: A cultura no sonho de justiça e de liberdade
Abstract:
In a turbulent world, the wisdom of our role models becomes even more crucial. When we recall the teachings of Amílcar Cabral, we realise how the global is intrinsically local. We hear about personality in terms of stance, behaviour, leadership, and charisma. These qualities emerge in the videos, photos, or recordings that captured the man, in the analyses shared by many, or even in the recognition of a BBC poll that ranked him among the most influential figures in contemporary global history. Yet, it is through reading his writings that young people today can truly grasp the intricate details of his character.
Cabral was not just a poet; he was a dreamer. Not just a guerrilla leader; he was a strategist. Not just a diplomat; he was a mobiliser. Not just a leader; he was a thinker. Not just a teacher; he was a custodian. Too many qualities for a single individual? Yet such is the nature of extraordinary people. They have flaws too; they are human, but they leave an indelible mark for being unique. And for bringing us hope.
In difficult times, we look in the rear-view mirror — a natural reaction for those who navigate an unclear future without clear boundaries or controlled speed. The past seems easier to interpret, though it was not necessarily easier to endure or confront.
After all, what could be harder to change today than what Cabral faced in his youth?
Organising a colonised people from nothing, in a marginalised territory, against an army that once had over 20,000 troops on the frontlines, equipped with significant air support, NATO logistics, and the diplomatic backing of powerful nations. Achieving a transcendental victory: paving the way for the liberation of Guinea and Cape Verde, fostering unity in Angola’s liberation movement, sparking a rebellion that ultimately dismantled fascism in Portugal, and inspiring a new wave of Pan-Africanist and revolutionary thought.
To his exceptional organisational skills, we must add his theoretical contributions. Examples include his conceptualisation of culture’s role in liberation, later expanded in Paulo Freire’s Pedagogy of the Oppressed; his transformation of the Marxist reading of class struggle to depict how a subjugated people embody a national class in their anti-colonial struggle—a thesis more sophisticated than the simplistic version of Kwame Nkrumah; his metaphorical interpretation of the ambiguous role of the petty bourgeoisie—today we might say the elites—in the post-colonial period, as agents of alienated practices, a notion further developed psychologically by Frantz Fanon; or his elaboration of a new concept of unity, attainable only through what he called revolutionary praxis—a stance for his time’s movements, distinct from the shallow populism underpinning many of today’s dissenters.
All of this, while speaking to peasants with the same ease he displayed on global platforms. To some, he used examples drawn from their simple daily lives — pots, land, homes, or forests — and to others, he offered the popular wisdom of African proverbs and riddles as a point of connection to that same reality.
Cabral wielded a magic in his words, employing comparisons, metaphors, and, above all, demonstrating through them a deep respect for others — without distinction by rank, gender, or race, as we would phrase it today.
May his life’s example and legacy help us to keep hope alive.
Cite this Journal:
ACEP & CEsA (2022). “A cultura no sonho de justiça e de liberdade”. ISEG/CEsA – Centro de Estudos sobre África e Desenvolvimento. Revista Mundo Crítico nº 8 (Dez 2022). ISSN 2184-1926.