The African Development Bank (AfDB) and the Government of Cape Verde (Cabo Verde), an island nation situated off the western coast of Africa, have unveiled the finalization of a €14 million (approximately $15.4 million) loan agreement.
The primary objective of this agreement is to enhance the capacity of the Cabo Verde Technology Park in order to provide increased support for startups.
"The next generation of African talents need not seek opportunities abroad; Cabo Verde 🇨🇻 possesses the necessary infrastructure and a supportive political system to cultivate their dreams and ambitions within their homeland."
– Dr. Abdu Mukhtar, the African Development Bank… pic.twitter.com/nKCMr6hUq0
— BitKE (@BitcoinKE) August 9, 2023
This agreement builds upon a previous €31.59 million ($34.87 million) loan extended by the AfDB which played a pivotal role in establishing the Technology Park as a thriving center for innovation and a valuable source of assistance for information and communication experts throughout Africa.
Functioning as a specialized economic zone, the park provides incentives such as tax advantages and exemptions from import duties, strategically designed to entice startups and professionals from across the entire continent.
Situated with campuses in the capital city of Praia and on the island of São Vicente, the park is in the process of evolving into a prime example of climate resilience and the implementation of renewable energy practices as an integral aspect of its second phase. This phase also encompasses the establishment of a collaboration between the public and private sectors for the development of two data centers.
The Cabo Verde ICT hub will launch a €1 million seed fund to invest in approximately 20 innovative homegrown Cabo Verde startups. It will offer more than 50 tech startups from across Africa integration grants of at least €5,000 each.
The initiative is equally dedicated to fostering the development of human capital and is in the process of forging partnerships with global universities and corporations to offer training in essential soft skills. This endeavor is geared towards equipping 300 African youths within the upcoming three years enabling them to capitalize on employment prospects stemming from the Fourth Industrial Revolution.
“Our ambition is to transform Cape Verde into a digital nation, with a circulating economy and the Technology Park in Praia playing a critical role in this significant government strategy,” said Cape Verde’s deputy Prime Minister and Finance Minister, Olavo Avelino Garcia Correia.
Adding to this, Dr Abdu Mukhtar, the AfDB’s director for industrial and trade development, stated:
“Cape Verde offers the necessary infrastructure and a supportive political system for the next generation of African talents to realise their dreams and ambitions in their homeland.”
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