Cabo Verde secures US$582 million credit line

15 November 2017

Cabo Verde (Cape Verde) has agreed with the African Export Import Bank (Afreximbank) to open a credit line worth some 55 billion escudos (US$582 million) to offer financing to Cape Verdean companies and investors, said Prime Minister Ulisses Correia e Silva.

The prime minister said that this financial instrument creates the necessary conditions for private investment, expanding access to credit that the domestic market cannot provide.

“We are talking about 25% of Cabo Verde’s GDP, which means that conditions are in place for investment by Cape Verdean companies and entrepreneurs, in structuring sectors for the country, such as tourism, agribusiness and transport, to become a reality, overcoming the limitations on funding in the national financial market,” said the PM.

The prime minister, who was speaking at the 5th Gala Dinner in celebration of the 2nd anniversary of the Sotavento Chamber of Commerce, Industry and Services, at the weekend in Praia, said that the amount will be available soon, and only requires good projects and viable business models.

Correia e Silva added that, along with this credit line, another credit line is preparing to be launched worth 5 billion escudos (US$53 million) for the financing of small and medium-sized enterprises. (macauhub)