News from Islands
Cape Verde’s Praia Municipal Council issues bonds
Praia, Cape Verde, 17 June – The Praia Municipal Council (City Hall) plans to issues bonds worth 450 million Cape Verdean escudos (4.08 million euros) via the cape Verde Stock Exchange, said the mayor of Praia, Ulisses Correia e Silva, Wednesday in Praia.
Speaking to Portuguese news agency Lusa, the mayor said that the funding from the bond issue would be used to finance construction of the new municipal market and to restructure the municipal council’s debt.
“350 million escudos are for construction of the market and 100 million escudos for restructuring debt,” said Correia e Silva, who Wednesday marked two years at the head of the municipal council of the Cape Verdean capital.
Correia e Silva, who in the 1990s was Cape Verde’s finance minister, noted the importance of municipal councils moving into the stock exchange, as this brought the advantage of providing funding at better rates of interest than those offered by retail banks.
On 4 June, the Cape Verde Stock Exchange issued the first bonds from Sal municipal council to the value of 200 million escudos (1.81 million euros).
Source: macauhub
