Cabo Verde Sovereign Fund should be operational in 2020

24 January 2020

The process of setting up the Cabo Verde sovereign fund with a capital of €90 million, is underway, and the fund should become operational this year, the deputy prime minister and minister of Finance of Cabo Verde, Olavo Correia said.

“We are working to ensure that the major projects in Cabo Verde may have access to financing and we can create employment opportunities throughout Cabo Verde, in a wide variety of sectors, including tourism, fisheries, industry, technology, maritime and air transport, and make Cabo Verde into a developed country with opportunities,” he said, quoted by news agency Inforpress.

The minister, who spoke at the end of a visit to the Employment and Professional Training Centre in Praia, recalled that the partial guarantee fund is already operating and that, “last year alone it invested more than a billion escudos (US$10 million).”

For 2020, he said that the Government’s intention, according to what is laid down in the State Budget, is to provide Cape Verdean entrepreneurs with five billion escudos available through loans. (macauhub)