IFC and Pró Empresa to Boost Cape Verde SME Sector
In a major boost for Cape Verde’s private sector, the International Finance Corporation (IFC) and the Institute for Business Support and Promotion (Pró Empresa) have launched a strategic partnership aimed at revolutionizing the capabilities of small and medium-sized enterprises (SMEs) across the archipelago.
Equipping Entrepreneurs for Success
The cooperation agreement, signed Tuesday in Praia, focuses on bridging the gap between local businesses and the capital they need to grow. By providing specialized training, the initiative intends to “improve financial literacy and management capacity” for Cape Verdean entrepreneurs, according to a joint statement from the institutions.
The program is backed by financial support from the Portuguese State and includes a curriculum of six in-person training modules. Over the next eight to 12 months, more than 300 SMEs will receive expert instruction in critical business areas, including:
- Strategic business planning
- Advanced financial management
- Implementation of digital tools
Unlocking Financing and Job Growth
A primary goal of the initiative is to make local businesses more attractive to lenders. By sharpening the management skills of business owners, the program aims to facilitate easier access to financing from partner banks. This, in turn, is expected to drive job creation and enhance the overall competitiveness of the country’s private sector.
Building Lasting Institutional Strength
Beyond direct training, the partnership is designed to leave a lasting legacy. The program will bolster Pró Empresa’s institutional capacity, ensuring the organization can continue providing high-quality non-financial services and support to Cape Verdean companies long after this specific project concludes.
The IFC, a member of the World Bank Group, continues to play a pivotal role in emerging markets by fostering sustainable private sector growth, with this latest agreement marking a significant step forward for the Cape Verdean economy.
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