Angolan commercial bank to open in Cape Verde by end of year

11 August 2006

Praia, Cape Verde, 11 Aug – The Banco Angolano de Investimentos, BAI, plans to establish itself in Cape Verde by the end of this year and the institution is being set up with private capital, Angolan Public Works Minister Higino Carneiro said Thursday in Praia.

“We believe that the bank will be open by the end of the year and in condition to operate,” said Carneiro, who is in the island nation participating in the sixth Cape Verde-Angola partnership commission. He added that the initiative will count on investment from the “Cape Verdean and Angolan private sector and perhaps (Angolan) public investment as well.”About 60 percent of the BAI Cabo Verde capital should belong to the Angolans and 40 percent to private holders from Cape Verde. The initiative is one of the aspects of economic-financial cooperation agreed on by the two parties at the fifth joint commission now under way.

Also being implemented is the Atlantic Tuna company held by the two countries, which will soon begin operations, as indicated by the Cape Verdean State Minister for Infrastructures and the Sea, Manuel Inocêncio.

Atlantic Tuna was founded with the goal of operating the industrial fleet of ten tuna boats that Cape Verde acquired under the industrial fishing project with funding from the African Development Bank (ADB) and the Bank for Economic Development in Africa.

Also with respect to international cooperation, weekly air links have been resumed between Cape Verde and Angola via São Tomé. Angolan state oil company Sonangol has also established itself in Cape Verde, where it has acquired a stake in Cabo Verde Telecom, the minister said. (macauhub)