Pro-Garante has endorsed more than 6.5 billion escudos to credits financed by the country’s financial institutions to more than 1.900 companies, according to the results of the first three years of its creation, presented this Wednesday in the City of Praia.
Speaking to the press, the president of Pro-Garante’s board of directors, Pedro Barros, said that 19 percent (%) of the total number of companies registered in Cabo Verde were covered and almost 20.000 jobs were created.
“Pro-Garante was created to help companies access financing and mitigate the risks the banks have with credits,” explained Pedro Barros, recalled that the company emerged along with the COVID-19 pandemic.
“This eventually changed what was foreseen in terms of intervention, but it also emerged to test the extent to which a guarantee institution can help companies in times of distress,” noted Pedro Barros, explaining that due to the pandemic Pro- Guarante also supported large companies, when the initial idea was for small and medium-sized enterprises.
Source: Inforpress