Praia, Aug, 24, 2025 (Lusa) - Cabo Verde's government has announced that urgent financial support for businesspeople and entrepreneurs affected by the storm that caused nine deaths on the island of São Vicente will be granted from next week.
According to the minister for investment promotion and business development, Eurico Monteiro, "the measures include non-repayable grants, emergency solidarity income, subsidised credit lines and differentiated support according to the size of the companies".
An emergency social income of 30,000 escudos per month (around €272), up to a maximum of three months, will be allocated to those most affected.
For informal operators, including market traders and small farmers, the government has created a non-repayable grant of 50,000 escudos (around €453).
In the case of formal companies, micro-entrepreneurs will be entitled to 150,000 escudos (around €1,361).
Small businesses will be able to receive up to 500,000 escudos (around €4,535) and, in the case of medium-sized businesses, compensation will vary between 500,000 and 1.2 million escudos (€4,535 to €10,882), depending on the proven losses.
The credit lines will have subsidised interest rates of up to 5.5% and repayment periods of up to 60 months.
Large companies will have their situations analysed individually, depending on the scale of the damage and the economic impact.
"We are absolutely convinced that disbursements of the financial subsidies will begin next week," said the minister, after a meeting with businesspeople and entrepreneurs in São Vicente.
The lists of beneficiaries will be drawn up by the city council, in liaison with local institutions and the central government.
The 11 August storm in São Vicente caused nine deaths, two missing persons, flooded neighbourhoods and damage to roads, houses, bridges and commercial establishments, as well as power outages and vehicles and other goods being swept out to sea.
As a result, the government declared a six-month disaster in São Vicente, Porto Novo (Santo Antão) and the two municipalities of São Nicolau.
The response plan includes emergency support for families and businesses, subsidised credit lines and non-repayable grants, financed by the National Emergency Fund and the Sovereign Emergency Fund, created in 2019 to respond to natural disasters and external shocks.
RS/ADB // ADB.
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