Africa-Press – Cape verde. The Government authorized the extension, for one year, of the payment period of two loans, of around 200 million escudos, taken out by TACV from Caixa Económica de Cabo Verde, with guarantees from the State.
The information is contained in a resolution of the Council of Ministers, cited by Inforpress, which informs that the request was made by Transportes Aéreos de Cabo Verde (TACV).
According to the resolution, the Government authorized the Directorate-General for the Treasury to grant two guarantees to the national air carrier for the extension of guarantees, bank financing in the amounts of 100 million escudos and 110 million and 265 thousand escudos, both contracted with Caixa Económica.
Justifications
The Government justified this measure with the increase in fuel prices, which “impacts the expected profitability of flights” as well as “the company’s cash flow”.
“Considering the relevance of the company to the national economy and more specifically in terms of the air transport sector and the country’s connectivity with the world, the State, as the majority shareholder, recognizes the manifest importance of supporting the company with the extension of these two guarantees of credit under the conditions presented by the bank”, reads in the resolution.
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