International Finance Corporation supports Cabo Verde SMEs

24 May 2018

The International Finance Corporation (IFC) has granted a credit line worth 5.0 million euros to Banco Caboverdiano de Negócios (BCN) to provide consultancy services to small and medium-sized enterprises, the Cape Verdean bank said in a statement.

The BCN statement, quoted by the Inforpress news agency, said the World Bank’s private sector funding is intended “to stimulate better growth strategies for women-owned businesses.”

The note added that, through another US$2 million IFC credit line, the BCN could also expand its commercial financing operations through a “more competitive and more agile” service.

“IFC’s credit lines will be a key tool to apply our strategy in the coming years, allowing us to increase the credit to be granted to small and medium-sized enterprises, as well as to launch specific financing for women entrepreneurs on favourable terms,” said the chairman of the BCN, Luis Vasconcelos.

The IFC’s regional representative, Faheen Allibhoy, said that the involvement of the institution she represents will stimulate the SME sector in an economy driven mainly by tourism and migrant remittances and help local businesses create jobs. (macauhub)