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Cabo Verde approves investment in shipyards
The Cape Verdean Government today announced a guarantee for investments of 65 million escudos (about 600 thousand euros) in the Cabnave shipyards, to prepare for the entry of European support.
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Economia Cabo Verde
The state-owned company is classified as "one of the pillars essential for the safety of navigation in Cape Verdean waters" and the guarantee is justified by "the need for urgent investments in the shipyards", it said in a statement.
The guarantee will support a bank loan "to ensure operational capacity, invest in the acquisition of new equipment, improve the docking and repair operations of ships, aiming to increase its production capacity".
The objective is to prepare the shipyards "to receive the complete remodelling that will be carried out through an investment by the European Investment Bank (EIB)", it concluded.
The restructuring of Cabnave is part of the strategy that the Government has underway for privatisations, partial divestments and concessions or public-private partnerships of state-owned companies.
Read Also: Portugal wants to extend debt swap for climate investment (Portuguese version)
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