EU and EIB Secure €34M for Cabo Verde Port Upgrades
The European Union (EU) and the European Investment Bank (EIB) have allocated €34 million for significant upgrades to ports in Cabo Verde. This funding is part of a broader financing strategy that totals €148 million, inclusive of an additional €114 million from the EIB.
Investment in Cabo Verde’s Maritime Infrastructure
This substantial investment is intended to enhance Cabo Verde’s maritime transport, a critical component for the nation’s economy. By bolstering inter-island connectivity and minimizing emissions, these upgrades are expected to drive economic growth and promote sustainable tourism.
Key Features of the Upgrade Project
- Expansion of Porto Grande in Mindelo, featuring a new breakwater and quay.
- Increased container handling capacity, with updates to infrastructure for cargo and fisheries.
- Environmental initiatives, including an onshore power supply at Mindelo’s cruise terminal and solar energy systems at various ports.
- Modernization of Palmeira Port to facilitate larger vessels and enhance safety for local fishers.
- Expansion of Porto Novo Port to improve both inter-island and international maritime connectivity.
- Rehabilitation efforts for CABNAVE and potential developments in the Praia port.
Statements from Officials
EIB Vice-President Ambroise Fayolle remarked that these improvements will fundamentally change Cabo Verde’s inter-island connections and its engagement with international trade. He praised the collaboration between EIB Global and the EU for delivering substantial benefits and strengthening the resilience of the islands.
Sylvie Millot, the EU Ambassador to Cabo Verde, characterized the investment as a strategic initiative to modernize key ports and the main shipyard. This modernization is essential for improving inter-island connectivity, which is crucial for the local community.
Deputy Prime Minister Olavo Correia highlighted the importance of the blue economy, especially the ports, for Cabo Verde’s trade competitiveness and integration into global markets. He asserted that this funding underscores the nation’s potential for genuine economic advancement 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 specifically supports the Praia–Dakar–Abidjan multimodal corridor, which the EU recognizes as vital for enhancing international connections.
