The Park has quickly established itself as a thriving technology hub, surpassing expectations in less than a year of operation
PRAIA, Cabo Verde, July 5, 2024/ — A high-level donor delegation that included the African Development Bank (www.AfDB.org) has expressed strong admiration for the Cabo Verde Tech Park during a recent visit, highlighting its rapid growth, full occupancy, and role in diversifying the country’s economy.
The delegation – which also included representatives of the European Union, World Bank, and the governments of Portugal, Luxembourg and Spain, collectively known as the Budget Support Group (GAO) – was particularly impressed by the Park’s vibrant startup ecosystem, fostered through regular events and seminars.
Construction was funded through an initial loan of €31.6 million from the African Development Bank Group. In July 2023 the Bank extended an additional €14 million loan, to make the Park more climate resilient and supportive of enterprise development, for a total of €45.59 million.
The delegation’s visit, part of a biannual meeting of the Budget Support Group, aimed to review the progress of the Park since it opened in November 2023, as well as ongoing expansion work, ahead of the formal opening scheduled for 2025. The Park has quickly established itself as a thriving technology hub, surpassing expectations in less than a year of operation. When completed, it will have the capacity to host over 1,000 innovators and employees.
Dr. Joseph Martial Ribeiro, the Bank Group’s Deputy Director General for the West Africa Region, said: “The African Development Bank is very proud to support the Cabo Verde Tech Park. This project demonstrates that well-designed initiatives which adopt an ecosystem approach by integrating critical elements of the digital economy, can achieve remarkable success, even in small island nations.”
Cabo Verde’s Director of Planning, Mr. Gilson Pina, lauded the African Development Bank for its support: “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 realisation of this vision.”
There are plans for the Technology Park to collaborate with international universities and corporations to extend soft skills training to 300 African youth over the next three years, to help prepare them for jobs created as part of the Fourth Industrial Revolution (http://apo-opa.co/4eSYSsQ).
It is expected to serve as a model for other African countries, showcasing how targeted investment in technology infrastructure can drive economic diversification and create opportunities for young talent.
