Africa Banking Cape Verde Debt Economy Finance Investing Port Privatisation Special Economic Zone

Cape Verde shipyards raising debt to prepare for privatisation

The board of directors of Cape Verdean shipyard company Estaleiros Navais de Cabo Verde (Cabnave) is finalising negotiations with a commercial bank to borrow 20 million escudos (US$200,000), under a guarantee provided by the State to make investments, said the Minister of the Maritime Economy.

Paulo Veiga, asked by the Inforpress news agency about the progress of the privatisation process and investments in Cabnave, said that the company would start the planned investments when it concluded the negotiation with the bank, “which should happen soon.”

The new Minister said he was continuing to seek out a strategic partner for the company, to “conclude the process before the end of 2020.”

“We are in talks with several interested parties. They are from various countries, China, Europe and the African continent. We will continue these talks to quickly choose the strategic partner for the necessary investments and rapid expansion of Cabnave,” Veiga said.

The minister recalled that the project of the Special Economic Zone for the Maritime Economy sets out a transfer of heavy industry from Mindelo bay to the Saragaça area, and “it is, therefore, necessary to find a strategic partner with the same vision.”

Source: Macauhub

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