The Cape Verdean government already has a credible plan for the recovery and restructuring of Cabo Verde’s (Cape Verde’s) flagship airline Transportes Aéreos de Cabo Verde (TACV), the Cape Verdean prime minister said in a statement on Monday.
Ulisses Correia da Silva, who noted that the World Bank is making support for the archipelago dependent on the resolution of the “TACV problem,” said that the solution for the airline will be announced soon.
The Prime Minister gave assurances the World Bank’s representatives with “a credible programme for the recovery and restructuring of the company and its future privatisation,” ensuring that it will be possible to overcome the conditions for the aid programme.
The World Bank has approved a new aid programme for Cabo Verde over the next three years, with a financial package of US$90 million, expected to start in July, depending on the resolution of the “TACV problem,” according to the World Bank representative for Cabo Verde, Louise Cord.
On Tuesday, Cabo Verde’s finance minister said that the restructuring plan for the airline is in its final phase.
TACV has an accumulated debt of US$120 million, which represents 8% to 9% of the country’s gross domestic product, according to the finance minister. (macauhub)