Government authorizes renewal of the bank guarantee granted to TACV in the amount of 771 million escudos

Praia, May 11 (Inforpress) – The Government has authorized the Directorate-General of the Treasury to renew the bank guarantee granted to Cabo Verde Air Transport in the amount of 771.855.000 escudos, for the debt restructuring process currently held by NEWCO, SA.

According to Resolution no. 52/2022 of the Official Bulletin published today, in 2017 the Air Transport of Cabo Verde, SA. (TACV) contracted a bank loan of 1.488.577,.00 escudos (13.5 million euros) to comply with the company’s restructuring plan.

This amount, the document said, was obtained from Banco Privado Internacional, S.A(BPI, SA), Banco de Negócios Internacional (BNI Europa) and Banco de Negócios Internacional, S.A. (BNI Internacional, SA), and as a credit guarantee the State granted a bank guarantee for two years, with the possibility of extension for an equal period,  Resolution 111/2017 of 11 October.

The Official Bulletin states that in the context of the TACV’s privatization process , through Decree-Law No. 54/2017 of 20 November, the Government created NEWCO, SA, whose mandate is the implementation of the process for complaint and resolution of the third-party credits transferred by the TACV, by determination of the board of directors.

CM / ZS / HVF

Inforpress

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