Cape Verde’s Directorate General of the Treasury was authorized to grant two sovereign guarantees to TACV – Transportes Aéreos de Cabo Verde, S.A., in financial leasing operations with TRUENOORD YAMUNA LIMITED, for the acquisition of two ATR 72-600 aircraft, with manufacturer serial numbers MSN 1512 and MSN 1514.

Cape Verde is an island country, made up of ten islands, with a micro economy, in which tourism is one of the main sectors, and an emigrant community spread across the four corners of the world, which is why the air and maritime transport sector assumes decisive importance in designing the development strategy intended for the country and in the connection between the islands. In view of this reality, improving connectivity, mobility and transport is one of the priorities in the Government’s program for the 2021/2026 Legislature. In line with this objective, the Government’s mission is to ensure continuous and uninterrupted domestic connectivity and mobility, which is a service of public interest.

In this context, with the exit of the only airline that guaranteed inter-island connectivity in Cape Verde in 2024, the Government mobilized alternative solutions to maintain connectivity at a national level, including the signing of an emergency contract for the provision of domestic air transport services with Transportes Aéreos de Cabo Verde, S.A. (TACV), which has been covering the mobility needs in the country.

In order to comply with the obligations arising from this contract for the provision of domestic air connection services, TACV began negotiations with TRUENOORD YAMUNA LIMITED (TRUENOORD), a company specialized in aircraft operational leasing, to sign two long-term Operational Lease Agreements (CLO) for the acquisition of two ATR 72-600 aircraft. In order to carry out these operations, TRUENOORD requested, as collateral, the presentation of two Sovereign Guarantees from the State of Cape Verde, through the signing of a guarantee contract in a specific model called “Guarantee”, the draft of which is proposed by the respective company.

In view of the above, the State of Cape Verde, as majority shareholder, recognizes the clear public interest in supporting TACV in carrying out the leasing operations referred to herein, through the granting of these sovereign guarantees, taking into account the purpose of the proposed investments and the need to maintain air links within the national territory without interruptions, as well as their inclusion in the government’s program for the transport sector.

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