ADB grants Cabo Verde €14m loan for tech hub
Africa
,
28 Jul 2023
The African Development Bank and the government of Cabo Verde have signed a €14 million loan agreement to support the Cabo Verde Technology Park.
The move intends to make the technology park more climate-resilient and enhance enterprise development.
The agreement to finance the expansion of the Technology Park was signed on 19 July, in Praia, Cabo Verde.
The African Development Bank had previously provided a loan of €31.59 million to finance the first phase of the technology park build out.
It is hoped the park, which functions as a special economic zone with tax and import duty incentives, will draw ICT professionals from across Africa.
The park 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 equiped to run on renewable energy and, as part of a public-private partnership, furnished with two data centres.
In addition, the ICT hub will launch a €1 million seed fund to invest in approximately 20 innovative Cabo Verde startups.
It will also offer 50 tech startups across Africa integration grants of at least €5,000 each.
Signing the loan agreement, Cabo Verde's deputy prime minister and finance minister, Olavo Avelino Garcia Correia said: “Our ambition is to transform Cabo Verde into a digital nation, with a circulating economy and the technology park in Praia being part of this significant government strategy."
During the ceremony, Uyoyo Edosio, the African Development Bank’s project lead, said that Cabo Verde’s advantage in terms of tourism will be enhanced as ‘tourism will meet technology’.
Dr Abdu Mukhtar, the African Development Bank’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."