African Development Bank funds second Tech Park in Mindelo
The ceremony took place on May 6 with representatives from the government, industry, and development partners in attendance. The EUR 51.85 million TechPark CV project received EUR 45.5 million in financing from the African Development Bank Group, supporting both the Praia and Mindelo campuses.
In an address, Prime Minister José Ulisses Correia e Silva highlighted the transformative impact of the technology park: "Today we inaugurate this technological park hub with the conviction that we are already celebrating a special moment here. Yesterday was on the beach in Sao Vicente, a modern infrastructure important for the development of the digital economy. We want to position the digital economy as one of the key sectors for the diversification of Cabo Verde's / Cavian economy, and increase the share of the digital economy in the GDP from around 7% to 25%."
He further explained the goals of the project:'It is one of the sectors that create jobs and create quality jobs, simulates entrepreneurship and makes the capacity and talent of young people happen. We want to attract leading companies. We want to develop young digital entrepreneurship, startups and create well paid jobs."
Dr. Akinwumi A. Adesina, President of the African Development Bank Group, emphasized the significance of this milestone: "These two events mark a turning point for the broader diversification of the economy of Cabo Verde and a landmark in its quest to become the digital gateway for Africa. These two technology park campuses will spark the spirit of digital innovation and spur the emergence of technology-enabled businesses that will propel the digital economy of Cabo Verde."
Reflecting on the financial projections and potential impact, Dr. Adesina added, "The Technology Park will allow Cabo Verde to position itself to take advantage of the digital economy in Africa, which is estimated to add $180 billion to the GDP of Africa by 2025 and $712 billion by 2050. It will also allow Cabo Verde to benefit from the $16.5 trillion global digital economy by 2028."
Carlos Monteiro, President of TechPark CV, shared his outlook on the project's cultural and economic significance: "TechPark CV is the realisation of our ambition to transform Cape Verde into a technology hub for West Africa. Our unique mid-Atlantic location creates a gateway for investments and business opportunities linking Africa, Europe and the Americas.'
He added: 'The spirit of morabeza lies at the heart of what we're building – a welcoming environment where innovators from different backgrounds and cultures can collaborate and thrive together. Through this project, we're not just building a digital hub; we're fostering a community where technology drives economic growth and sustainable development for Cape Verde and our international partners."
Project architect Fernando Mauricio Dos Santos, whose design balances technological needs with environmental considerations, noted: 'The campus features a secure, basement-level data centre that ensures national security while harmonizing with the surrounding residential area. The U-shaped building's orientation provides protection against northeast winds while maximizing southern light exposure, creating a comfortable and energy-efficient environment. A specialized technical box discreetly houses heavy refrigeration equipment, allowing the facility to blend advanced technology capabilities with Mindelo's existing urban landscape.'
The Mindelo facility includes a data centre, a business incubation hub, and a training centre. The campus currently hosts ten companies from four countries and employs 125 young professionals, with 80% of its 25 office spaces occupied. The facility operates as a special digital economic zone, offering tax incentives to businesses specializing in artificial intelligence, cybersecurity, fintech, and digital health solutions.
In closing remarks, Dr. Adesina offered words of encouragement to the entrepreneurs and businesses establishing themselves at the technology park: "You will make it! You will grow! You will thrive!! Just like out of Mindelo the young voice of Cesaria Evora grew until it took the world by storm, so will the Mindelo Technology Park rise to become a gateway for innovation that will resound across Africa and the world. So, keep moving on and moving up!"
Both campuses of TechPark CV are now operational.
Distributed by APO Group on behalf of African Development Bank Group (AfDB).
About the African Development Bank Group:
The African Development Bank Group is Africa's premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org
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