Cabo Verde government approves US$4 million loan for flagship airline TACV

14 February 2014

Cabo Verde’s (Cape Verde’s) flagship airline Transportes Aéreos de Cabo Verde (TACV) has been authorised by the government to take on a loan of US$4 million (around 360 million escudos)from the Caixa Económica bank.

The Cabo Verde government, via the Directorate-General for the Treasury, said that the loan was of “public interest because it will ensure the subsistence of the aircraft.”

TACV, along with power company Electra and ENAPOR, is one of Cabo Verde’s three most loss-making companies.

TACV, according to officials, has posted losses of around US$70 million and high expenses due to salaries and fuel. (macauhub)