Madeira-based Portuguese banking group Banif will unveil its "Atlantic Partnership" line of credit tomorrow, April 10. The line of credit is intended to strengthen economic ties connecting Cape Verde and the Portuguese autonomous regions of Madeira and the Azores, both of which, like Cape Verde, are archipelagoes in the Atlantic Ocean. The introduction of the credit line comes during a visit by the president of the Regional Government of the Azores to Cape Verde.

The line of credit is aimed at supporting investment projects in Cape Verde by businesses based in the Azores and Madeira, preferentially in partnership with Cape Verdean companies. The 15 million-euro credit line will offer loans of a minimum of 300,000 euros per project, granted at a rate of Euribor 6M + 1%. Eligible businesses will be aided in their investment process by client management specialists from the Business Center, and will be allowed to proceed with international transfers under special conditions.

The line of credit will be officially presented during a reception at the Hotel Trópico in homage of Carlos César, the president of the Regional Government of the Azores. The reception, which is to be attended by more than 150 Azorean and Cape Verdean entrepreneurs, is being offered by Banif and Cape Verdean commercial bank BCN, and will feature the presence of Banif administrative council president Horácio Roque.

The Banif group has its presence assured in Cape Verde through BCN, in which it holds a 46% stake. The BCN plans to expand its network of branches in 2008 to cover all of Cape Verde. Currently, the bank has branches on the islands of Santiago, Sal, São Vicente, Santo Antão, Boa Vista and Fogo.