Cabo Verde Government creates sovereign fund with starting capital of 90 million euros

22 January 2019

The Cape Verdean government has set up a Sovereign Fund with an initial allocation of 90 million euros to support national companies, announced the Cabo Verde (Cape Verde) deputy prime minister and finance minister.

Olavo Correia said that setting up this fund is intended to support large projects of companies with difficulties securing financing from commercial banks.

The minister made the announcement in the traditional debate and dinner on the 2019 State Budget (OE2019), organised by the Sotavento Chamber of Commerce, which was held in a restaurant in Praia last Friday.

During the debate, which was attended by more than 80 businesspeople from the Sotavento region of Cabo Verde, the Deputy Prime Minister confirmed that the fund had already been set up and its formal approval should take place at one of the next sessions of the Council of Ministers. (macauhub)