{"id":22679,"date":"2024-01-29T11:42:11","date_gmt":"2024-01-29T11:42:11","guid":{"rendered":"https:\/\/www.africa-press.net\/cape-verde\/all-news\/government-wants-to-close-privatizations-by-mid-2025"},"modified":"2024-01-29T12:52:10","modified_gmt":"2024-01-29T12:52:10","slug":"government-wants-to-close-privatizations-by-mid-2025","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/cape-verde\/all-news\/government-wants-to-close-privatizations-by-mid-2025","title":{"rendered":"Government wants to close privatizations by mid-2025"},"content":{"rendered":"

Africa-Press – Cape verde. <\/strong><\/span>The Government intends to carry out the privatization or concession of nine state-owned companies by the end of the first half of 2025, Finance Minister Olavo Correia said today in an interview with Lusa.<\/p>\n

\u201cWe are working to have all this completed in 2024, at the latest in the first half of 2025\u201d, in the case of more complex companies, such as Electra, he indicated, as an example.<\/p>\n

The process began on January 10th with the launch of the Public Offer for Sale (OPV) on the Cape Verde Stock Exchange (BVC) of 27.44% of the shares held by the State in Caixa Econo\u0301mica.<\/p>\n

However, the calendar does not just follow the Government’s wishes, \u201cit will depend on market conditions\u201d, especially since \u201cthe world is facing very deep uncertainty\u201d and it is not known \u201cwhat will become of the economy tomorrow\u201d, he added, in an allusion to wars and other conflicts.<\/p>\n

\u201cWe will be in the market looking for the best investors\u201d who can reach the objectives as quickly as possible, said Olavo Correia, noting that the Government is open to the world, but without forgetting with whom Cape Verde has already been connected.<\/p>\n

\u201cIt doesn\u2019t matter [the origin], but it\u2019s obvious that we have special partnerships with the European Union, we also have historical links with the United States, even through our diaspora\u201d, relationships that the executive would like to see translated into proposals for competition by partners closer than others who \u201cdon\u2019t know Cape Verde\u201d or are \u201cfar from what Cape Verdean geography is\u201d.<\/p>\n

The model to be followed \u2013 IPO on the stock exchange, extended or restricted competitions \u2013 will be defined depending on the technical studies carried out for each public company, subject to analysis and consultation between government officials.<\/p>\n

The processes of the nine companies advance in parallel, simultaneously.<\/p>\n

As they are completed, they are taken to the Council of Ministers \u201cwhich will decide, case by case, which is the best model [of privatization] given the process at hand, but also market conditions\u201d, so that \u201c guarantee, from the outset, the success of the operation\u201d.<\/p>\n

\u201cWithin the legal framework, we are here to help make all these operations viable in the shortest possible time, because we have urgency\u201d, said Olavo Correia.<\/p>\n

The State \u201cwants to be useful\u201d, because \u201cpeople who are in poverty, want jobs, they don\u2019t have time to waste\u201d.<\/p>\n

The minister added that Cape Verde’s economy has a natural potential to grow 5% per year, but, ideally, this pace would double, to be able to respond to \u201cjob creation\u201d and \u201ccombat extreme poverty\u201d.<\/p>\n

The privatization agenda is a way to get there, he said, by increasing the efficiency of state-owned companies that operate in \u201ccrucial\u201d areas for the costs of economic activity (transport, energy, water, telecommunications, among others) and ending the risk tax for the State.<\/p>\n

The State has concessions for maritime (CV Interilhas, Grupo ETE, Portuguese) and air (Bestfly, from Angola) connections between islands, as well as airport management (Vinci group).<\/p>\n

The list of nine privatizations \u2013 in addition to Caixa Econo\u0301mica \u2013 includes CV Handling, which processes airport cargo and whose process is about to be scheduled for the Council of Ministers.<\/p>\n

ENAPOR’s port operations are also on the list \u2013 a prior market consultation has already been approved, soon \u2013 as well as the pharmaceutical sector through Emprofac\/Inpharma and the sale of the stake held by the National Airports and Air Security Company (ASA) and National Social Security Institute (INPS) at Cabo Verde Telecom.<\/p>\n

The institutional reform and restructuring of the energy sector is part of the dossier, with the privatization of Electra, in the form of a split, with the sale of shares in two companies, one producing and the other distributing electricity, the Government said two months ago the last Public Business Sector Performance Report.<\/p>\n

The restructuring of the Cabo Verde Naval Shipyards (Cabnave) and the stabilization of the operations of Transportes Ae\u0301reos de Cabo Verde (TACV) and its privatization are also part of the list, which also includes the company A\u0301gua e Energia de Boavista.<\/p>\n

\u201cCape Verde is a country of opportunities, but we cannot ignore that we are a small economy, in a global market. I always say that we are not the most beautiful woman at the party, therefore, we have to work to attract good investors, in a very competitive context\u201d, concluded Olavo Correia.<\/p>\n

For More News And Analysis About Cape verde<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Cape verde. The Government intends to carry out the privatization or concession of nine state-owned companies by the end of the first half of 2025, Finance Minister Olavo Correia said today in an interview with Lusa. \u201cWe are working to have all this completed in 2024, at the latest in the first half […]<\/p>\n","protected":false},"author":84,"featured_media":22678,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,8,12,244],"tags":[233,331,328],"class_list":["post-22679","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-homepage-english","category-policy","category-to-homepage","tag-africa-press","tag-africa-press-cape-verde","tag-cape-verde"],"yoast_head":"\nGovernment wants to close privatizations by mid-2025 - Cape Verde<\/title>\n<meta name=\"description\" content=\"The Government intends to carry out the privatization or concession of nine state-owned companies by the end of the firs ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/cape-verde\/all-news\/government-wants-to-close-privatizations-by-mid-2025\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Government wants to close privatizations by mid-2025 - 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