World Bank plans to support small and medium-sized enterprises in Cape Verde

10 November 2011

Praia, Cape Verde, 10 Nov – The World Bank plans to contribute US$4 million to a project to improve the competitiveness of small and medium-sized companies (SMEs) and governance in Cape Verde, the representative of the bank on the archipelago said Wednesday.

On announcing the funding for Cape Verde via a Competitiveness Fund, Spanish economist Álvaro Gonzalez said that the project aimed to support the Cape Verdean government in its efforts to reduce the cost of doing business, diversify the target regions for foreign investment and increase opportunities for SMEs to access public tenders.

The project involves three components, and focuses on improving business opportunities for SMEs (US$1.85 million), the Unit for Coordination of State Reform, which will receive US$850,000 and the private sector via the chambers of commerce (US$1 million).

Funding is scheduled to be available from January or February 2012, following conclusion of the campaign to raise awareness amongst and train Cape Verde’s SMEs. (macauhub)