COVID-19: Government provides credit line of one million contos for microfinance institutions

Praia, May 14 (Inforpress) – The Government will provide microfinance institutions with a credit line worth 1.000.000 contos, with an interest subsidy of 80% and a state guarantee of 50%, announced Wednesday the Deputy Prime Minister, Olavo Correia.

The guarantee was given by the Minister of Finance, who answered the MPs’ questions, in the two-day plenary session, which started today in the National Assembly, having assured that protocols with these institutions will be signed later this week so that they can have access to that line.

“What is right, at the moment, is a thousand contos credit line with an 80% bonus and a 50% State guarantee,” said the government official, adding that the executive is working with microfinance institutions and create the best conditions to guarantee access to finance at lower costs, to formalize the economy as well.

Olavo Correia added that they received a proposal from these institutions to create a grant fund, which is already being worked on together with international partners.

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