Promotion of local initiatives
In order to ensure the integrated and socially sustainable tourism development of the Boa Vista and Maio islands, SDTIBM (Boa Vista and Maio Islands Tourism Development Company) created the “Boa Vista e Maio” Economic and Social Fund (FESBEM) , a financial instrument designed to support initiatives on the two islands, fostering the creation, expansion and modernization of small businesses and / or small businesses. Support will be given to investment projects of demonstrated profitability and social interest to the community to meet the needs of local populations or the tourist sector, up to the limit of 2 million escudos.
FESBEM is managed by a financial institution – Banco Cabo Verdiano de Negocios (BCN), under a contract with SDTIBM, which will supervise the implementation of the Fund and the aid it provides.
Applications for funding should be sent to Banco Cabo Verdiano de Negocios (BCN), which will complete them with relevant elements, prepare a technical opinion and refer it to the FESBEM Project Evaluation Committee (CAP) for consideration. CAP’s final position is taken taking into account the economic and financial viability of the project, the creditworthiness of the borrower / developer and the interest of the project for the development of the communities where it is inserted, and then forwarded to the Bank and the Board of Directors of SDTIBM for the final decision, ie whether or not to approve the application for funding.
