EU and EIB Secure €34 Million for Cabo Verde Port Enhancements

The European Union (EU) and the European Investment Bank (EIB) have committed €34 million to enhance ports and shipyard facilities in Cabo Verde. This grant is part of a larger financing strategy that includes an additional €114 million in EIB funding, culminating in a total of approximately €148 million for vital port infrastructure improvements.

Investment in Cabo Verde’s Maritime Infrastructure

The significant investment aims to strengthen Cabo Verde’s maritime transport system, which serves as an essential lifeline for the island nation. By improving inter-island connectivity and reducing emissions, these enhancements will bolster economic growth and sustainable tourism initiatives.

Key Features of the Project

• Expansion of Porto Grande in Mindelo, including a new breakwater and quay.
• Increased container handling capacity and upgraded infrastructure for cargo and fisheries.
• Environmental initiatives, such as onshore power supply at the Mindelo cruise terminal and solar energy systems at various ports.
• Modernization of Palmeira Port to accommodate larger vessels and improve safety for local fishers.
• Expanding Porto Novo Port to enhance both inter-island and international maritime connectivity.
• Rehabilitation efforts for CABNAVE and prospective developments in Praia port.

Statements from Officials

EIB Vice-President Ambroise Fayolle highlighted that these efforts will fundamentally transform how Cabo Verde connects its islands and engages with global trade. He emphasized the collaboration between EIB Global and the EU in delivering lasting benefits and strengthening resilience throughout the islands.

Sylvie Millot, EU Ambassador to Cabo Verde, referred to the investment as a strategic move to modernize critical ports and the main shipyard, thus vitalizing inter-island connectivity, which acts as a lifeline for the local population.

Deputy Prime Minister Olavo Correia emphasized that the blue economy, particularly the ports, is crucial for Cabo Verde’s connectivity, trade competitiveness, and integration into global value chains. He expressed that this funding reflects the country’s potential for genuine economic growth and active participation in the global economy.

Alignment with EU Goals

This investment aligns with the EU–Cabo Verde Multiannual Indicative Programme 2021–2027. It also supports the Praia–Dakar–Abidjan multimodal corridor recognized by the EU as vital for fostering international connections.