Cape Verde sets up venture capital fund for micro, small and medium-sized companies

12 November 2012

A venture capital fund to support micro, small and medium-sized companies was presented Thursday in the city of Praia, by the chairman of Cape Verde’s Agency for Business Development and Innovation (ADEI), which set up the fund.

During a conference entitled, “Venture Capital: A Solution for Funding and Growth of SMEs,” Frantz Tavares said that the fund would have initial capital of 50 million Cape Verdean escudos (453,000 euros), which would be increased to 300 million escudos over the next six years.

“The fund is an instrument with a different approach to financing than retail banks and it intends to become a business partner, given that investment is made in the company’s capital and it introduces management skills, which makes it a factor for the development and growth of the business,” he said. (macauhub)