Africa-Press – Cape verde. The Bank of Cape Verde (BCV) announced today the creation of an Emergency Assistance Program (PAE), which aims to stimulate the granting of credit, under special conditions, to families, businesses, and other entities affected by Storm Erin, which hit the country on August 11, 2025, with a greater impact on the islands of São Vicente, Santo Antão, and São Nicolau.
According to a statement from the Bank, the PAE provides for the provision of a financing line of up to 10 billion Cape Verdean escudos, with lower interest rates and maturities of up to five years.
The program will be implemented through the subscription, by participating institutions, of financial instruments from the Central Bank.
Banks participating in the Intervention Operations Market (MOI), as well as microfinance institutions, directly or indirectly, may join the program, provided they meet the requirements previously defined by the BCV.
The temporary measure aims to facilitate access to credit not only for directly affected entities but also for those indirectly affected, particularly through commercial relationships with entrepreneurs and companies based in the islands and municipalities most impacted by the storm.
Financial institutions participating in the program must ensure that the funds disbursed are used exclusively for this purpose.
According to the same source, the regulations establishing the conditions for joining the Emergency Assistance Program will be published soon by the Bank of Cape Verde.
For More News And Analysis About Cape verde Follow Africa-Press
