Cabo Verde will have a guarantee fund for SMEs

28 November 2016

Cabo Verde (Cape Verde) needs, urgently, to create a Guarantee Fund for Small and Medium Enterprises (SMEs), to facilitate access to finance, said Finance Minister Olavo Correia recently.

The government will also propose the creation of a sovereign fund to support large companies with access to finance in the international market, the minister said.

“We want to create these two basic instruments to speed up access to finance by Cape Verdean companies,” he said.

The Finance Minister gave assurances that the government is “working hard” on the creation of these two funds, which will be able to start work early next year. The funds “are essential so that there is more funding, production, income and employment in Cabo Verde,” Correia said.

To create the two funds the government will mobilise financial resources from the World Bank and other international partners. (macauhub)