AfDB Delegation Praises Cabo Verde Tech Park for Rapid Growth and Economic Impact

A high-level donor delegation, including representatives from the African Development Bank, recently visited the Cabo Verde Tech Park and expressed strong admiration for its rapid growth, full occupancy, and role in diversifying the country's economy.

The delegation, comprising members 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.

The Park’s construction was initially funded by a €31.6 million loan from the African Development Bank Group. In July 2023, the Bank extended an additional €14 million loan to enhance the Park's climate resilience and support enterprise development, bringing the total investment to €45.59 million.

The delegation’s visit, part of a biannual Budget Support Group meeting, aimed to review the Park's progress since its opening in November 2023 and to assess ongoing expansion efforts ahead of the formal opening scheduled for 2025. The Cabo Verde Tech Park has quickly established itself as a thriving technology hub, surpassing expectations in less than a year of operation. Upon completion, 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, commented, "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, praised the African Development Bank for its support, stating, "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 Tech Park include collaboration 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.

The Cabo Verde Tech Park is expected to 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.