Four commercial banks will offer 575 million escudos to promote young entrepreneurs

 

Praia, June 22 (Inforpress) – The Government signed on Wednesday at Praia agreements with four commercial banks aimed at providing the amount of 575 million escudos for the promotion of young entrepreneurs in Cabo Verde.

These agreements were signed in the presence of the Prime Minister, Ulisses Correia e Silva, during the presentation of the Youth Start-up Program, which aims to promote entrepreneurship in the production of goods and services, job creation and sustainable income.

With the signing of these agreements, banks will make loans available on favorable terms because the state will assume 50 percent (%) of the subsidized interest rate and guarantee 50% of the amount of credit, confirmed Ulisses Correia e Silva to journalists.

The program as conceived there are reduced risks on the part of banks when the State guarantees 50% of the credit coverage, said the Head of Government.

“If the bank set an interest rate of 7%, a young entrepreneur will only be in charge of 3.5%. It means that conditions are being created for young people who want to undertake and have good ideas, good projects and viable and bankable,” explained the Prime minister.

JL / AA / HVF

Inforpress

 

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