Credit lines granted by Portugal to Cape Verde still in force

29 April 2011

Praia, Cape Verde, 29 April – The credit lines provided by Portugal to Cape Verde, worth a total of 600 million euros, remain valid and pay outs have been made in the normal way, Cape Verde’s prime minister said in Praia Thursday.

At the end of a special session of parliament to approve the government programme and a motion of confidence in the government, José Maria Neves noted he had information that there were no negative signs that the Portuguese credit lines could be affected by the economic crisis in Portugal.

Portugal is Cape Verde’s main bilateral and multilateral trading partner and has provided the archipelago with credit lines worth 600 million euros for Housing (200 million), Renewable Energy (100 million), construction of roads (100 million) and port facilities (200 million).

In Cape Verde the number of Portuguese companies has been growing and around 200 are currently working there and a further 2,700 are exporting from Portugal to Cape Verde.

Between January and October 2010 exports rose 21 percent against the same period of 2009, making Cape Verde the 17th destination for Portuguese exports. (macauhub)