“A General Directorate of the Treasury is authorized to grant a guarantee to Maseyka Holdings Investments for a bank loan with Banco Cabo-verdiano de Negócios (BCN), amounting to 275,662,500 escudos (2.5 million euros),” it states in the Official Bulletin.
The executive explained that the measure aims to ensure the execution of the planned activities, the completion of the hotel unit, and the repair of material damages and replacement of equipment affected by the storm Erin, on August 11.
“In view of the above and considering the relevance of this structuring project, for which a convention was signed between the State and Maseyka Holdings Investments, considered of exceptional interest due to its economic and social impact, the State recognizes the importance of supporting the company by granting this guarantee,” it stated.
The total duration of the operation is 42 months, including six for disbursement and 36 for amortization, according to the financial plan approved by the lending bank.
The Government also noted that the program for the 2021-2026 legislative period considers tourism a strategic sector for the sustainable development of Cape Verde, emphasizing the enhancement of the country’s natural, cultural, and human resources.
“The strategy aims to build a resilient, diversified, and decentralized tourism product that benefits all islands and municipalities,” it added.
Maseyka Holdings Investments, operating in the tourism and real estate sectors, is constructing the “Four Points by Sheraton” hotel, with 128 rooms, near Praia da Laginha, in Mindelo.
The tourism sector is one of Cape Verde’s main sources of wealth, accounting for about 25% of the Gross Domestic Product (GDP), with a higher concentration on the islands of Sal and Boa Vista.
