The African Development Bank and the Government of Cabo Verde have signed a €14 million loan agreement to improve Cabo Verde’s technology park by making it more resilient to climate change and more conducive to business development.
The agreement was signed on July 19 in Praia, Cabo Verde. The African Development Bank had already granted a loan of 31.59 million euros to finance the first phase of the advanced technology park, which is already transforming the country into an innovative regional information and communication hub. This park, which operates as a special economic zone and offers tax and import duty incentives, will attract Information and Communication Technology (ICT) professionals from across Africa. It has two campuses: one in the capital, Praia, and the other on the island of São Vicente.
As part of the second phase, the hub will be equipped to operate with renewable energy and, as part of a public-private partnership, will be equipped with two data centers.
The Cabo Verde ICT cluster will launch a seed fund of one million euros to invest in around twenty innovative startups in Cabo Verde. It will offer over 50 tech startups from across Africa onboarding grants as a gift, worth at least €5,000 each. There are also plans to work with universities and international companies to expand soft skills training to 300 young Africans over the next three years and help them be ready for the jobs that will be created through of the fourth industrial revolution.
Cabo Verde’s Deputy Prime Minister and Finance Minister, Olavo Avelino Garcia Correia, signed the loan agreement. He expressed his enthusiasm for the transformative potential of the project. “Our ambition is to transform Cabo Verde into a digital nation, with a functioning economy, and the technology parks in Praia are part of this important government strategy,” he said.
During the ceremony, Uyoyo Edosio, Project Manager at the African Development Bank, highlighted the synergies of the project. She said Cabo Verde’s unique strengths in tourism will now be enhanced through the convergence of tourism and technology.
Speaking about the signing of the loan, Abdu Mukhtar, Director of Industrial and Commercial Development at the African Development Bank, said: “The next generation of African talent will not need to seek opportunities abroad. ; Cabo Verde has the necessary infrastructure and a favorable political system to nurture their dreams and ambitions in their native land. »
Communiqué
2023-07-28 22:46:15
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