The Government of Cabo Verde has authorised a loan of 100 million escudos (US$1 million) that airline Transportes Aéreos de Cabo Verde (TACV) plans to take on from Banco Cabo-Verdiano de Negócios (BCN).

The loan will cover TACV’s commitments related to contracts signed with Everjets and Elix Aviation Capital, said the government resolution published in the Official Bulletin and cited by weekly newspaper A Semana.

The government also said the loan from BCN would allow TACV to operate normally and noted its positive effects on the national economy and development of tourism in Cabo Verde.

“Recognising the clear public interest in the company’s activity as well as the importance it has in unifying the national territory, as well as the country’s link to its emigrated communities, all the required conditions are in place to grant an authorisation,” said the resolution.

The State’s authorisation is valid for six year and may be renewed on request. (macauhub/CV)