Latest news with #TechParkCV
Zawya
15-05-2025
- Business
- Zawya
African Development Bank funds second Tech Park in Mindelo
Cabo Verde has inaugurated the Mindelo Technology Park, completing the second campus of the TechPark CV project funded by the African Development Bank ( The facility aims to establish the country as a digital hub connecting Africa with global markets. 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:
Zawya
07-05-2025
- Business
- Zawya
Cabo Verde's Digital Transformation in full expansion with African Development Bank Support
Technology Park positioned to make Cabo Verde a global digital hub with world-class facilities 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 ( a strategic infrastructure project backed by the African Development Bank Group ( 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 : Contact: Natalie Nkembuh Communication and External Relations Department media@ 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:
Zawya
07-05-2025
- Business
- Zawya
Cape Verde Inaugurates Landmark Tech Park, Aiming to Become the 'Tech Islands of West Africa'
The Government of Cape Verde has officially launched Tech Park Cape Verde (TechPark CV), a major milestone in the country's digital transformation strategy. Designed as a centre of excellence for technology companies, the park is part of Cape Verde's broader ambition to establish itself as the 'Tech Islands of West Africa' — a regional hub connecting West Africa, Europe, and the Americas through digital services and innovation. The €45.59 million investment, funded by the African Development Bank (AfDB), represents nearly 2% of Cape Verde's GDP. It reflects the country's commitment to diversifying its economy and strengthening its position in the global digital economy. TechPark CV is expected to stimulate technological growth both within Cape Verde and across the region. Currently home to 23 companies, it has the capacity to host up to 1,500 workers. Equipped with advanced infrastructure, the park is designed to nurture technology enterprises, foster collaboration with academic institutions, and create job opportunities for local talent — reinforcing Cape Verde's workforce development and economic resilience. Two campuses make up TechPark CV: one located in Praia on Santiago Island and the other in Mindelo on São Vicente Island. Inauguration ceremonies are being held on both campuses this week: May 5th, 2025 – Praia Campus, Santiago Island May 6th, 2025 – Mindelo Campus, São Vicente Island The Praia inauguration has drawn over 300 companies, including more than 100 international firms, along with major global players such as Intel, Microsoft, and Smart Africa. This high-level participation underscores international interest in Cape Verde's growing technology sector. The event brings together prominent figures from government, industry, and tech to discuss the future of digital transformation across Africa. National representatives, including Prime Minister H.E. Ulisses Correia e Silva, are attending alongside international leaders such as Dr. Akinwumi A. Adesina, President of the African Development Bank, highlighting the event's regional importance. A key highlight of the inauguration is a panel featuring leaders from the global tech industry. Among the participants are representatives from Intel, Microsoft, and Smart Africa, as well as Elisabeth Moreno, former French Minister and tech executive. Despite diverse backgrounds, they all share a focus on innovation, technology, and Africa's digital future. TechPark CV features modern, sustainable infrastructure such as coworking and business centres, data and training facilities, and a conference centre — all equipped with high-speed connectivity and international-standard digital services. Its strategic mid-Atlantic location enables partnerships and investment opportunities that span three continents. A central goal of the park is to advance emerging technologies such as artificial intelligence (AI), blockchain, fintech, big data, and the Internet of Things (IoT). These efforts are backed by strong government support and competitive tax incentives. As a Special Economic Zone for Technologies (ZEET), TechPark CV offers benefits including VAT and import tax exemptions, and a reduced 2.5% corporate tax rate for eligible companies. Aligned with its regional strategy, TechPark CV will also work with the Economic Community of West African States (ECOWAS) to promote innovation across the region. The initiative emphasizes digital inclusion and sustainable growth, reflecting Cape Verde's morabeza — a cultural ethos of hospitality and openness that underpins an inclusive environment for innovation. Carlos Monteiro, President of TechPark CV, said: '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. 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.'
