The Board of Directors of the World Bank (BM) approved a new credit facility of US$10M for Cape Verde under the Project “Access to Financing for Micro, Small and Medium Enterprises (SMEs)”.
This credit facility targets to improve SMEs’ access to finance in the difficult context of the economic recession under COVID-19 pandemic.
Out of total finance provided Cape Verde Partial Credit Guarantee Fund (“Pro-Guarante“) shall receive a total amount of US$6,3M aiming to improve the financing of SMEs, adding to the original usd 10mio initially funded back in 2018.
Remaining US$3,7M will be allocated to: (i) capitalize Public Venture Capital Fund (“Pró-Capital“) targeting to co-finance local sustainable Cape Verdean companies in strategic sectors (directly or through investment in a participation fund dedicated to SMEs, along with private sector investors) and (ii) technical assistance on a new risk management framework facing COVID-19 shock and on development of strong Corporate Governance framework, according to the best international practices.
