AfDB Lends €14M to Cape Verde for Phase II of TechPark Project

By : Samira Njoya

Date : vendredi, 28 juillet 2023 11:37

Seven years ago, Cape Verde started building a technological center with research and high-level training centers, but also cutting-edge industries. The country expects the project to be completed next year.

Cape Verde just received a second loan, of €14 million, from the African Development Bank (AfDB) for its TechPark project. The Bank and the country recently signed the related agreement in Praia, Cape Verde's capital. The AfDB disclosed the signing on July 26. 

Carlos Monteiro, who heads TechPark's board of directors, said the money will be used to equip the park's two data centers and other areas. Parts will also be used to get furniture, set up renewable energy parks, develop green spaces, and train people who will work at the park.

"The next generation of African talent doesn't need to look for opportunities abroad; Cape Verde has the necessary infrastructure and a favorable political system to nourish their dreams and ambitions in their own country," said Abdu Mukhtar, the AfDB's director for industrial and trade development.

The AfDB's financing falls under its support strategy for major digital projects in Africa. The facility is the second loan provided for building the TechPark site. The project benefited from a first loan of €31.59 million. The funds support Cape Verde's ambitions to become a digital hub, with a dynamic economy. 

The new loan will speed up the park's construction. At full capacity, the park, which should be operational in 2024, will create 1,014 new jobs directly linked to its activities. Another 1,217 indirect jobs will also be created. It is expected to generate an average of €7.5 million per year in its first five years of operation.

Samira Njoya


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