Africa-Press – Cape verde. The African Solidarity Fund (FSA) has made a financial envelope of 300 million euros available to public and private companies in Cape Verde for the next two years, the Secretary of State for Business Development announced this Wednesday, 29th. The Fund’s official launch ceremony, which takes place this Thursday, will be attended by the Deputy Prime Minister, Minister of Finance and Business Development and Minister of Digital Economy, Olavo Correia.
The revelation was made by Adalgisa Vaz during a meeting between the FSA and public and private institutions to present the Fund and sign partnership agreements with Cabo Verde TradeInvest (CVTI), Pro-Garante, Cape Verde Stock Exchange and the Superior Council of Chambers of Commerce and Tourism.
“It is a fund that has the minimum requirements to intermediate operations that start with the amount of seven thousand contos, and international financial institutions often ask for a minimum access of 10 thousand to 30 thousand contos”, said the government official. , indicating that the institution is interested in small-scale projects where the maximum ceiling goes up to 28 million euros (around three million contos).
“We hope that public and private entities will take advantage of the FSA’s services and products in areas such as technical and financial support, the diaspora and foreign investors who intend to invest in Cape Verde, assistance in granting financing mechanisms to local companies and of the diaspora aiming at the diversification of the economy and the internationalization of Cape Verdean companies”, he highlighted.
Adalgisa Vaz said that the FSA also extends its operations to the management of investment funds on behalf of third parties to boost the capital market in Cape Verde, credit refinancing and interest rate subsidies to improve access to financing for micro and small companies as well as large ones from the perspective of job creation and development of Cape Verde’s economy.
For his part, the president of CVTI, José Almada Dias, expressed his joy as this strategic decision will allow for a faster implementation of the various projects approved and to be approved, which, in turn, will fulfill the aim of creating jobs , wealth and happiness for Cape Verdeans and for those who chose to invest and live in the country.
With this decision, he considered that the possibility of national and foreign businesspeople investing in Cape Verde to have access to the financing ecosystem on the African continent and internationally in general is expanded, thus exponentially increasing the possibilities of mobilization of financing and guarantees for your projects.
The African Solidarity Fund is a multilateral financial institution, whose mission is to support member countries with bank loan guarantees and bond issues to finance economically viable operations or projects in the main development sectors.
The African Solidarity Fund, headquartered in Niamey, Republic of Niger, began operations in 1979 and currently 21 countries on the continent are its members.