Government of Cabo Verde authorises flagship airline to take on loan

17 February 2015

The government of Cabo Verde (Cape Verde) has authorised the country’s flagship airline TACV to borrow 155 million escudos (US$1.6 million) from Banco Cabo-Verdeano de Negócios (BCN), according to local press reports.

The loan amount, according to the authorisation published in Cabo Verde’s Official Gazette is earmarked for the financial reorganisation and restructuring of the Cape Verdean airline.

The government said it had authorised the loan due to the state company having faced “over the past few years, financial difficulties as a result of consecutive negative results.”

“In order to turn the country into an archipelago to coordinate political and economic relations, the government understands that TACV could play a central role and take advantage of the prime location of Cabo Verde,” said the authorisation published in the official gazette. (macauhub/CV)