France’s development agency finances Cape Verdean companies

23 February 2006

Praia, Cape Verde, 23 Feb – France’s government development agency (AFD) is set to finance projects for Cape Verdean companies, namely in the transport, telecommunications and banking sectors, according to local press reports.

The funding, the amount of which has yet to be decided, but which is expected to be several hundreds of thousands of euros, will be granted via the society for Promotion and Participation for Economic Cooperation (PROPARCO), an AFD subsidiary, Cape Verdean newspaper A Semana reported.

As well as direct funding, the society, via its office in Dakar, Senegal also provides credit guarantees for international banks.

PROPARCO is currently present in 60 emerging economies.

The Cape Verde funding project is currently being assessed by a PRPOPARCO delegation in Praia until March 1, headed by assistant director Jean-Claude Chesnais.

Loans are granted under special conditions, offering grace periods of between 1 and 5 years and repayment periods of between 3 and 15 years. Interest rates follow the Euribor and Libor indexes, and may be either fixed or variable. (macauhub)