Cabo Verde's Digital Transformation in full expansion with African Development Bank Support
AfDB President honored with Cabo Verde's highest public service award for a decade of transformative leadership
Cabo Verde marked a significant milestone in its digital transformation journey on Monday, 5 May, with the official inauguration of TechPark CV (https://apo-opa.co/4iSRdLU), a strategic infrastructure project backed by the African Development Bank Group (www.AfDB.org).
The island nation's Prime Minister Ulisses Correia e Silva and African Development Bank Group head Dr. Akinwumi Adesina, led the inauguration of the facility at a ceremony attended by hundreds of government officials, international partners, entrepreneurs, and academia. The celebration, held at TechPark CV's main campus in Praia, continued in Mindelo on Tuesday.
The EUR 51.85 million project, developed in two phases with EUR 45.5 million in African Development Bank financing, has rapidly evolved from concept to a thriving technology center since operations began in November 2023. Within just 18 months, the park now hosts 23 companies from 7 countries, employs 311 young professionals, and has reached full occupancy of its 52 office spaces.
Prime Minister Correia e Silva emphasized the park's world-class facilities: "The tech park is a good environment to connect startups and more mature companies. I have visited many tech parks around the world, and this one is not behind any of them. In fact, it is one of the best. With 311 professionals employed here across 23 companies serving international markets, and state-of-the-art infrastructure, this speaks directly to our vision of turning Cabo Verde into a Digital Island for the globe."
He outlined two main objectives – the first, to position Cabo Verde as a digital hub for Africa and the rest of the world, exporting quality digital services, and the second, to create quality jobs and attract diaspora talents. He highlighted the fact of Cabo Verde's strong diaspora, which cannot be ignored, and the government's role in leveraging its skills to build and reinforce capabilities at the Tech Park.
The Prime Minister added, "We also know that the state is an important economic agent. We can either facilitate or complicate it. So, we choose to facilitate, not complicate it. We would like to build a very solid foundation to sustain this digital ecosystem, reinforcing education and strengthening our informal economy with digital commerce and skills because we know that Digital is transversal."
Dr. Adesina, who led a delegation from the African Development Bank Group to the event, highlighted the strategic importance of the technology park.
"This is a great day for Cabo Verde, to celebrate the success of your vision to transform the country into a 'Cyber Island,' a digital hub, a digital gateway to West Africa -- an important digital hub to attract tech businesses from around the world. The future is very bright for innovative young entrepreneurs in Africa. This is driven by the rapid expansion of the digital economy, which will add $180 billion to Africa's GDP by 2025 and $712 billion by 2050," he said.
"You had doubters, with some questioning the rationale of a small country like Cabo Verde having a technology park. Some even said this was going to be a white elephant project. But you were undaunted. You stayed true to your vision. Well, time has proven you right! The white elephant is running, full steam,' he added.
The TechPark CV includes fully equipped facilities such as a Data Centre, Disaster Recovery Site, Business Center, Incubation Center, Civic Event Center, and Training and Qualification Center across its Praia and Mindelo campuses. Operating as a special economic zone, it offers tax exemptions on technology imports and income tax to attract companies.
The park has expanded its training programs from 6 in 2023 to 50 in the first quarter of 2025, upskilling 2,769 people in cutting-edge fields such as Artificial Intelligence, cybersecurity, and software development. Since opening, the park's operational revenue has grown by more than 4,300%.
The African Development Bank is the largest development partner in ICT in Cabo Verde through the Praia Technology Park, for which it has provided $57 million for Phases 1 and 2 project.
The Bank's investment in Cabo Verde's Technology Park aligns with its Digital Transformation Action Plan, focusing on scaling inclusive digital infrastructure, investing in digital entrepreneurship and skills, and driving sectoral adoption of digitalization.
During the ceremony Adesina was awarded Cabo Verde's highest public service medal in recognition of his decade of transformative leadership at the African Development Bank and his unwavering support for Cabo Verde's development initiatives.
The three-day program will include panel discussions on digital transformation, workshops on emerging technologies, and a startup pitch competition, showcasing Cabo Verde's pioneering role in Africa's digital landscape.
Distributed by APO Group on behalf of African Development Bank Group (AfDB).
Images :
https://apo-opa.co/3SoGjm5
https://apo-opa.co/3SrbywM
Contact:
Natalie Nkembuh
Communication and External Relations Department
media@afdb.org
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
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
4 hours ago
- Zawya
NBK-Egypt reports EGP4.1bln net profit in 1H2025
Al-Bahar: NBK Egypt delivered solid profit growth, underpinned by resilient operating performance amid challenging conditions The Bank continues to rank among the fastestgrowing financial institutions in Egypt, with a clearly defined and expanding presence in the local market Our financial indicators underscore the strength of our trajectory and affirm that we remain well positioned to further reinforce our market share Egypt remains a core strategic market contributing to the Group's growth El-Tayeb: NBK – Egypt continues to deliver strong performance, with solid growth across all key financial indicators The Bank remains focused on reinforcing its position in both the retail and corporate banking sectors We are fasttracking digital transformation by expanding our digital services Sustainable finance stands as a core strategic priority in line with our commitment to supporting environmentally responsible projects National Bank of Kuwait - Egypt (NBK-Egypt) has reported net profits of EGP 4.1 billion (Equivalent to KWD 25.65 million) for the first six months of 2025, a significant increase from the EGP 3.2 billion (Equivalent to KWD 24.9 million) reported in the corresponding period of 2024, showcasing an impressive growth rate of 30%. Net Operating Income stood at EGP 7.7 billion in 1H2025, recording a substantial increase of 28% from EGP 6.1 billion recorded in the corresponding period of 2024. In the meantime, Net Interest Income grew by 31%, reaching EGP 6.7 billion compared to EGP 5.2 billion in 1H2024. Meanwhile, Net Operating Income (excluding interests) increased to EGP 199 million in 1H2025, compared to EGP 147 million in 1H2024, up by 35%, while Cost to Net Operating Income grew by 1% in 1H2024 to 24% in 1H2025. Total assets reached EGP 206 billion by the end of 1H2025, up by 5% compared to EGP 196 billion by the end of 2024. Furthermore, total loans and credit facilities expanded to EGP 115 billion in 1H2025, reflecting a growth rate of 10% compared to EGP 104 billion recorded at the end of 2024. Additionally, customer deposits increased to EGP 166 billion by the end of 1H2025, up from EGP 160 billion at the end of 2024, representing a growth rate of 4%. The ratio of operating income to total net income increased to 87% as of 1H2025, compared to 85% in the corresponding period of 2024. Moreover, the Return on Average Assets (ROAA) improved to 4% in 1H2025, while the Return on Average Equity (ROAE) stood at 35%. Commenting on the financial results announced by NBK-Egypt, Ms. Shaikha Al-Bahar, Deputy Group Chief Executive Officer, National Bank of Kuwait, and Chairman of NBK-Egypt, said: 'The strong earnings growth achieved by NBK–Egypt in the first half of 2025 highlights the bank's solid financial standing and the enduring strength of its business model, which continues to generate sustainable profitability despite prevailing operational challenges. This performance stands as a testament to the Group's long-term strategic vision since its entry into the Egyptian market in 2007, reaffirming its confidence in the significant growth potential and strategic importance of one of the region's largest and most dynamic banking landscapes.' Al-Bahar affirmed that Egypt remains one of the Group's most prominent strategic markets, playing a role in driving growth, and is consistently regarded as its second home market. As the largest Kuwaiti investment in Egypt, NBK has established a clear and growing footprint within the Egyptian banking sector. The Bank ranks among the fastest-growing institutions in the market, a position reinforced by its robust financial indicators, which underscore its solid trajectory toward further expansion and enhanced market Al-Bahar emphasized that the Group views the Egyptian market as a long-term strategic investment and remains committed to expanding its presence. She noted that NBK's operations in Egypt continue to rank among the most profitable within the Group, consistently delivering high returns on equity and assets. Al-Bahar explained that the easing of geopolitical tensions in the region would significantly support the Egyptian economy and unlock greater investment opportunities. She also noted that the country's future outlook, continues to gain momentum from the ongoing reform efforts and the exceptional measures undertaken by the Egyptian government and the Central Bank of Egypt. Meanwhile, Vice Chairman, CEO, and Managing Director of National Bank of Kuwait-Egypt, Mr. Yasser El-Tayeb, said: 'The Bank's solid financial indicators in the first half of the year underscore its ability to sustain growth and deliver strong business results, despite the exceptional challenges facing the business environment on the local and global fronts due to ongoing political instability and its economic ramifications.' El-Tayeb emphasized that NBK–Egypt's growth remains well-balanced across all business lines, supported by efficiency and risk metrics aligned with both sustainable expansion and long-term resilience. He attributed this performance to the Bank's prudent policies and sound business model, which enable it to meet customer needs with agility and confidence. He added that the majority of NBK–Egypt's income is generated from credit operations, primarily through the corporate banking segment, while the retail banking sector has also witnessed notable growth in recent years. The Bank's credit portfolio spans a broad spectrum of clients, ranging from large corporations to medium and small enterprises, while its retail portfolio serves diverse customer segments. This breadth underscores the strength and diversification of NBK–Egypt's income sources. El-Tayeb emphasized the bank's commitment to further strengthening its position in the retail banking sector by offering advanced services and products tailored to diverse customer segments, aiming to establish itself as a comprehensive bank that fulfills all their financial needs. Furthermore, he also emphasized NBKE's firm belief in the pivotal role of technology and digital channels in shaping the future of the banking sector. Recognizing their importance in strengthening competitive advantage, NBK–Egypt has made substantial investments to upgrade its core banking systems and significantly expand its suite of digital services. These efforts are aimed at delivering a seamless and distinctive banking experience, enabling customers to carry out their transactions anytime, anywhere. In parallel, the Bank is committed to encouraging broader adoption of electronic payment methods, in alignment with the strategic direction of the Egyptian government and the Central Bank of Egypt. El-Tayeb emphasized that NBK–Egypt is committed to supporting the global shift toward sustainable finance and the transition to a green economy. The Bank actively backs environmentally responsible projects that promote sustainability and greater reliance on renewable energy sources. It also continues to explore viable solutions to mitigate the adverse impacts of climate change and reduce carbon emissions. Finally, El-Tayeb noted that sustainable finance has become one of the most critical instruments for promoting and preserving long-term financial stability. About the Bank: NBK-Egypt has a vast network of 52 branches spread over premium locations in various Egyptian governorates and cities, including Cairo, Giza, Alexandria, Delta, Red Sea, Port Said, Upper Egypt, and the industrial zones in 6th of October 10th of Ramadan cities. The Bank is also privileged to be among the elite banks within the Egyptian market that offer Islamic banking services in addition to its conventional products throughout its Islamic branches. Moreover, NBK-Egypt has a vast network of ATMs nationwide to service the Bank's clients around the clock. Furthermore, the bank offers a wide range of digital and electronic services, providing its customers with a unique banking experience. These services enable customers to conveniently conduct their banking transactions anytime and anywhere, eliminating the need to visit the bank for every transaction. National Bank of Kuwait (NBK) was incorporated in 1952 as the first local bank and the first shareholding company in Kuwait and the Gulf region. NBK continues to enjoy collectively one of the highest ratings among all banks in the Middle East from the three international rating agencies Moody's (A1), Standard and Poor's (A), and Fitch Ratings (A+). The Bank's ratings are supported by its strong financial indicators, asset quality, and high capitalization, in addition to its highly recognized and very stable management team, as well as strategic vision and stable funding base. NBK enjoys the most comprehensive banking presence with a local and international network with international presence in the world's leading financial centers including China, Geneva, London, Paris, New York, and Singapore, in addition to its regional presence in Egypt, Lebanon, Bahrain, Saudi Arabia, Iraq, and the UAE.
Khaleej Times
5 hours ago
- Khaleej Times
Food delivery goes mobile: 30% growth in UAE and Saudi Arabia in 2025
There's a quiet revolution happening across kitchens in the UAE and Saudi Arabia — and it's not just in restaurants, but on the phones of millions of hungry consumers. Whether it's a sizzling kebab for brunch or a late-night butter chicken craving, more people are choosing to tap and order than ever before. Gone are the days of calling in orders or waiting in queues. Today's diners prefer the ease of a few clicks, and restaurants are racing to keep up. In the first half of 2025, mobile food delivery orders in both countries surged by a staggering 30% year-over-year, according to fresh data from Syrve MENA, a leading restaurant software provider. The findings reflect a broader shift in how the region eats: convenience-first, mobile-centric, and increasingly digital. Food Aggregators Rule the Menu The report reveals that food aggregators — apps like Talabat, Deliveroo, and HungerStation — now dominate the mobile ordering landscape, handling around 75% of all restaurant mobile orders. The remaining 25% is fulfilled via call centres, websites, or proprietary restaurant apps, largely favoured by larger chains that want tighter control over the customer journey. And it's all happening on our smartphones. Over 70% of food delivery transactions are now completed on mobile devices, confirming that food is no longer just about taste — it's about tech, too. When and What We Eat is Changing Too Syrve's data also reveals intriguing patterns in consumer behaviour throughout the year. March 2025 saw a notable spike in orders, coinciding with Ramadan — a season known for post-sunset feasting. Another wave is expected during the summer months, from June through September, when sweltering temperatures push diners indoors. The dinner rush between 8:00 PM and 11:00 PM remains the busiest time slot across most cuisines, especially for fast food, Indian, Italian, and international fare. But Arabic restaurants buck the trend with traditional breakfasts such as foul, falafel, and labneh sandwiches peaking in popularity between 10:00 AM and noon. Globally, dinner hours around 6:00 PM tend to be peak time, but the Middle East's evening skew could also be linked to Ramadan and social dining habits, where the day winds down late and meals stretch into the night. Interestingly, a rise in Monday morning breakfast orders points to consumers looking for a fresh, convenient start to their week. Comparing the Markets While both countries are embracing the mobile food movement, their growth trajectories differ slightly. In the UAE, online meal delivery is projected to grow at a compound annual growth rate (CAGR) of 10.2% through 2033, powered by a tech-savvy population and demand for loyalty perks and faster delivery. Saudi Arabia's delivery sector, meanwhile, is even more robust, expected to climb at a CAGR of 15.4% through 2030. Its growth is underpinned by rapid urbanisation, high smartphone penetration, and a rising middle class hungry for convenience. "Mobile-based delivery will remain central to foodservice strategy in both the UAE and Saudi Arabia as they continue to develop digitally and increase mobile order volumes by over 10% year-on-year," says Alexander Ponomarev, CEO at Syrve MENA. "Consistent seasonal peaks, changing spending habits, and rapidly advancing technology are making mobile-first dining the new norm." Looking ahead, Syrve projects that by the end of 2025, over 80% of food delivery orders in both markets will be made via mobile — a natural evolution in two of the world's most digitally connected regions. The continued dominance of food aggregator apps, along with restaurants embracing automation and AI, is paving the way for a frictionless future in foodservice.
Zawya
6 hours ago
- Zawya
Perform IT achieves Splunk Elite Partner Status for Sell and Manage
Dubai, UAE – Perform IT, a leading provider of enterprise digital transformation and observability solutions, today announces it has successfully achieved Splunk Elite Partner status in both the Sell and Manage tracks of the Splunk Partnerverse Program. This recognition marks a significant milestone in Perform IT's partnership with Splunk, and reinforces its commitment to delivering cutting-edge solutions that help enterprises optimize performance, reduce operational complexity, and accelerate digital transformation. Reaching Elite status, the highest tier in the Splunk Partnerverse Program, validates Perform IT's deep technical expertise, proven delivery capability, and consistent success in enabling customers to maximize the value of their data. It recognizes Perform IT's specialized team, whose innovative approach and focus on delivering measurable results have made this possible. With Elite Partner status across both Sell and Manage from Splunk, held by just two partners in the Middle East, and unmatched specialization in Observability, Perform IT is uniquely positioned as a trusted choice for enterprises wanting to accelerate their digital transformation journey. This milestone will better help customers break down data silos, unify IT and business operations, improve service availability, and more effectively align technology investments with strategic objectives. 'This achievement underscores our relentless commitment to equipping enterprises with the tools and strategies they need to thrive in today's complex IT environment,' said Karl Brenner, CEO of Perform IT. 'Earning the Elite status not only reinforces our position as a leading observability partner but also highlights the strength of our partnerships with Splunk and our dedication to delivering measurable value for our clients.' Perform IT is recognized for its observability expertise, holding multiple Splunk specializations, including Observability Solutions, IT Service Management (ITSM), and the Financial Services Industry badge, reinforcing its vertical expertise and ability to support complex, regulated environments. These recognitions build on Perform IT's leadership in IT performance, and longstanding relationship with Cisco as a Cisco Premier Integrator Partner, Full-Stack Observability Specialized and Splunk Observability Solutions Specialized Partner. With an impressive track record spanning more than a decade, and unmatched expertise, Perform IT has successfully delivered award-winning observability and APM solutions to some of the largest most complex enterprise environments across the EMEA region. Formerly an AppDynamics Titan Partner, the company continues to innovate with advanced, custom-built extensions that drive automation, improve system visibility, and unlock real-time insights across hybrid IT landscapes. Perform IT is extremely grateful to its talented team and the collaborative support of the Splunk, Splunk AppDynamics and Cisco teams for their invaluable contributions to this recognition. About Perform IT Perform IT is an international IT consultancy company delivering digital transformation solutions across Europe, the Middle East and Africa. A trusted leader in observability and APM solutions for nearly two decades, Perform IT design, implement, and manage tailored strategies that deliver real business outcomes. By aligning advanced technologies with business objectives, they help organizations optimize operations, reduce costs, and achieve strategic goals.
