A delegation of high-level donors, including the African Development Bank (www.AfDB.org), recently visited the Cabo Verde Tech Park and expressed strong admiration for its rapid growth, full occupancy, and contribution to diversifying the country’s economy.
The delegation, which also consisted of representatives from the European Union, World Bank, and governments of Portugal, Luxembourg, and Spain, known as the Budget Support Group (GAO), were particularly impressed by the vibrant startup ecosystem at the Park, nurtured through regular events and seminars.
Funding for the construction of the Park initially came from a €31.6 million loan from the African Development Bank Group. In July 2023, an additional €14 million loan was extended to enhance the Park’s climate resilience and support for enterprise development, bringing the total to €45.59 million.
The visit of the delegation, as part of a biannual meeting of the Budget Support Group, aimed to assess the Park’s progress since its opening in November 2023 and ongoing expansion work in preparation for its formal opening in 2025. The Park has quickly established itself as a thriving technology hub, exceeding expectations in less than a year. Once completed, it will have the capacity to accommodate over 1,000 innovators and employees.
Dr. Joseph Martial Ribeiro, the Bank Group’s Deputy Director General for the West Africa Region, stated, “The African Development Bank is proud to support the Cabo Verde Tech Park. This project showcases that well-designed initiatives, which integrate critical elements of the digital economy, can achieve remarkable success, even in small island nations.”
Cabo Verde’s Director of Planning, Mr. Gilson Pina, commended the African Development Bank for its support, saying, “The support from the African Development Bank has been catalytic. The Bank Group believed in the government’s vision of becoming a technology hub, and I am glad that today everyone is here to witness the realization of this vision.”
Plans for the Technology Park include collaborations with international universities and corporations to provide soft skills training to 300 African youth over the next three years, preparing them for jobs created as part of the Fourth Industrial Revolution (http://apo-opa.co/4eSYSsQ).
It is anticipated that the Park will serve as a model for other African countries, demonstrating how targeted investment in technology infrastructure can drive economic diversification and create opportunities for young talent.
Distributed by APO Group on behalf of African Development Bank Group (AfDB).
Media Contact:
Olufemi Terry
African Development Bank Group
media@afdb.org