AfDB extends €14 million loan to Cape Verde to strengthen country’s role as regional tech hub




The African Development Bank (AfDB) and the government of Cabo Verde have signed a €14 million loan agreement to enhance the Cape Verde Technology Park by making it more climate resilient and supportive of enterprise development.

The agreement was signed on July 19, 2023, in Praia, Cape Verde. The AfDB earlier had provided a loan of €31.59 million to finance the first phase of the state of the art technology park, which is already transforming the country into an innovative regional ICT hub. The park, which functions as a special economic zone with tax and import duty incentives, will draw ICT professionals from across Africa. It has two campuses: one in the capital, Praia and the second on the island of São Vicente.

As part of phase two, the hub will be equipped to run on renewable energy and, as part of a public private partnership, furnished with two data centers.

The Cape Verde ICT hub will launch a €1 million seed fund to invest in approximately 20 innovative Cape Verde startups. It will offer more than 50 tech startups from across Africa integration grants of at least €5,000 each. There are also plans to collaborate with international universities and corporations to extend soft skills training to 300 African youth over the next three years as well as help prepare them to secure jobs that will be created as part of the Fourth industrial revolution.

Cape Verde’s Deputy PM and Finance Minister, Olavo Avelino Garcia Correia, signed the loan agreement. He expressed his enthusiasm for the project’s transformative potential. He said: “Our ambition is to transform Cape Verde into a digital nation, with a circulating economy and the technology parks in Praia being part of this significant government strategy.”

During the ceremony, Uyoyo Edosio, the AfDB’s project lead, stressed the project’s synergies. She said that Cape Verde’s unique advantage in terms of tourism will now be enhanced as tourism will meet technology.

Commenting on the loan signing, Dr. Abdu Mukhtar, the AfDB’s Director for Industrial and Trade Development, said: “The next generation of African talents need not seek opportunities abroad; Cabo Verde possesses the necessary infrastructure and a supportive political system to cultivate their dreams and ambitions within their homeland.”

The AfDB is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 34 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states.

Advert:




Be the first to comment

Leave a Reply

Your email address will not be published.


*


This site uses Akismet to reduce spam. Learn how your comment data is processed.