Government creates credit line of five million escudos for financing of Cabo Verdean companies

Praia, 24 Mar (Inforpress) – Five million escudos is the amount of the credit line that will be opened by commercial Cabo Verdean banks to finance Cabo Verdean companies with state guarantee and the interest rate subsidized by 50% percent (%).

To this end, an agreement was signed today in the City of Praia, between the Government, all commercial banks based in Cabo Verde and the Chambers of Commerce, as entities representing companies.

According to the Deputy Prime Minister and Minister of Finance, Olavo Correia, this agreement is aimed at bridging the existing gaps in financing the needs of the business community through a set of financial support mechanisms for Cabo Verdean companies, with a view to the creation of a new financial ecosystem.

“We are demonstrating that together we can create the conditions to improve the financing ecosystem for the Cabo Verdean economy,” said Olavo Correia, who sees in this facilitation of access to financing a way for the country to have more projects working, resulting in the creation of more job.