Cabo Verde airline to undergo financial restructuring before privatisation

12 May 2016

The privatisation of Cape Verdean flagship airline TACV will take place only after the company has been the subject of a financial restructuring process, said the Cabo Verde (Cape Verde) Minister of Finance,

Minister Olavo Correia, cited by newspaper Correio das Ilhas, also said it was necessary “to add value to the flagship airline before considering its privatisation.”

In late 2015, the government then in office publicly announced that TACV had liabilities of 10 billion escudos (US$102 million).

Finance Minister Cristina Duarte, said at the time that it “has been very difficult to put TACV on the market” and justified this statement with the “chronic debt” of a company that is small and has a reduced number of aircraft and routes.

TACV, founded in 1958, is the only air carrier offering flights between the archipelago’s islands and has a monopoly on the route between Cabo Verde and the United States of America. (macauhub/CV)