The Government of Cape Verde and the World Bank have begun the process of restructuring the Growth and Competitiveness Fund (FCC) programme, in a bid to respond to the needs of private companies in the archipelago, reports the Pan African News Agency, citing local sources.

The final stage of the FCC ends this month. That has led the Government of Cape Verde and the international lender to restructure the programme. The programme is part of the Micro, Small and Medium Enterprises Development for Inclusive Growth Project, an initiative financed by the World Bank.

The fund aims to support such enterprises in the domestic market, and to help expand the country’s exports. The FCC may finance various business activities, from marketing and business plans, to employee training and certification of companies.

Financing for micro enterprises is capped at 500,000 Cape Verdean escudos (US$5,242), and at 1 million escudos for small- and medium-sized enterprises.

Currently, the Chambers of Commerce of Cape Verde are responsible for managing the FCC, under an agreement signed with the Government in 2005.