European Investment Bank grants 8 million euros to SMEs in Cape Verde

23 December 2005

Cidade da Praia, Cape Verde, 23 Dec – The European Investment Bank (BEI) is to support Small and Medium Enterprise (SME) investment projects in Cape Verde with an 8 million euros line of credit, the European Union’s financial institution announced Friday.

This week’s loan is the second from the BEI to the West African archipelago and targeted at industry, agro-industry, tourism and associated services, health and education sectors, a statement from the bank said.

The funds will be channeled through the Interatlântico and Comercial do Atlântico banks, but the BEI said it would consider working on the project with other Cape Verdean financial institutions.

“The current line of credit has a double aim: to support the private sector in Cape Verde through the funding of investment projects with long-term euro resources and to foster development of the country’s financial sector, “ the BEI added.

An initial 5 million euros loan by the BEI to Cape Verde in 2003 was pronounced a “resounding success” by the European bank. (macauhub)