According to local press reports, the Cape Verde government has authorised the country’s top airline, TACV, to borrow 155 million escudos (US$1.6 million) from Banco Cabo-Verdeano de Negócios (BCN).

The loan amount, according to the authorisation published in Cape Verde’s Official Gazette is earmarked for the financial reorganisation and restructuring of the airline.

The government said it had authorised the loan due to the state company having faced “over the past few years, financial difficulties as a result of consecutive negative results.”

“In order to turn the country into an archipelago to coordinate political and economic relations, the government understands that TACV could play a central role and take advantage of the prime location of Cape Verde,” said the authorisation published in the official gazette. (macauhub/CV)