Cape Verde and the European Union (EU) are launching today, on the island of Sal, the fourth edition of the Investment Forum in the archipelago, which will run until Friday. The forum focuses on the blue economy, digital transformation, and energy transition.
In September, Cape Verde, the EU, and the European Investment Bank (EIB) signed a financial package worth €300 million to support these sectors under the Global Gateway strategy, which also involves mobilizing the private sector.
The third day of the forum, Friday, will be entirely dedicated to promoting the investments planned under this strategy.
Myriam Ferran, the EU’s Deputy Director-General for International Partnerships, was present in Praia at the time of the signing and has now returned for the event and to visit several project sites.
According to the EU, under the Global Gateway package, “€344 million has already been approved for structuring projects in Cape Verde.”
“The inauguration of the cruise passenger terminal in Mindelo, São Vicente, the ongoing works at the port of Palmeira on Sal, and the wind parks of Cabeólica in Santiago are concrete results of these investments,” the EU stated in a press release launching the forum.
The largest-scale projects are still in the preparation phase.
The largest allocation, €159 million, will support the production of clean electricity and includes the future Pumped Storage Hydropower Plant in Santiago, which will serve as intermediate storage for renewable energy.
Another funding line, around €105 million, will be directed toward the development of port infrastructure.
In the digital sector, €37 million in EIB financial guarantees aim to facilitate investment in a new fiber-optic cable, inter-island connections, and modernization of the mobile network.
The plenary sessions of the fourth Investment Forum begin today, with the primary goal of fostering dialogue and collaboration between EU and Cape Verdean companies, European development finance institutions, and other key partners.
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