Cabo Verde calls for the creation of development bank of the Community of Portuguese Speaking Countries

The proposal to create a development bank for the Community of Portuguese Speaking Countries (CPLP) may be discussed by the organisation’s member states in July, the Cape Verdean deputy prime minister said on Saturday in Lisbon.

Olavo Correia, who is also Cabo Verde’s finance minister, told Portuguese news agency Lusa that Cabo Verde, currently holding the rotating presidency of the organisation, said his country intends to take that idea to the meeting of foreign ministers in July.

“It is an idea to be discussed, not to be decided,” he said, speaking on the sidelines of the 1st Forum of Economists of Portuguese-speaking Cities, held on Saturday in the Portuguese capital.

The idea, according to the Cape Verdean minister, is to create “a kind of Development Bank, which includes financing, insurance and venture capital, to support good projects that need financing, whether small, medium or large.”

Correia recalled that “access to financing in our countries is very difficult, the cost is very high, so if we do not have the tools to overcome this reality projects may be important but will not be carried out.” (Macauhub)