EU and EIB Secure €34 Million Grant for Cabo Verde Port Enhancements

Bassyonni

Published: January 27, 2026 4:22 PM ET

EU and EIB Secure €34 Million Grant for Cabo Verde Port Enhancements

The European Union (EU) and the European Investment Bank (EIB) have finalized a significant €34 million grant aimed at enhancing the port infrastructure in Cabo Verde. This funding is crucial for the sustainable development of the nation’s primary ports and shipyard.

Comprehensive Investment Package

This grant complements an already secured €114 million in EIB financing, forming a total investment package of approximately €148 million. This concessional financing initiative is strategically directed towards key investments in Cabo Verde’s port infrastructure.

Impact on Maritime Transport

Improving Cabo Verde’s maritime transport system is essential for the island nation’s economy. The funding will facilitate better inter-island connectivity while contributing to emissions reduction. Key components of the project include:

Expansion and modernization of Porto Grande in Mindelo.
Installation of onshore power supply systems at the Mindelo cruise terminal.
Development of solar energy systems across multiple ports.
Upgrading Palmeira Port to accommodate larger vessels and enhance environmental management.
Expansion of Porto Novo Port to boost inter-island and international connectivity.
Rehabilitation of CABNAVE and potential improvements at Praia Port.

Supporting Economic Growth

The project is expected to stimulate economic growth, bolster sustainable tourism, and align with Cabo Verde’s climate and development objectives. EIB Vice-President Ambroise Fayolle commented on the transformative nature of this investment, highlighting its role in connecting islands and enhancing global trade.

Statements from Officials

Sylvie Millot, the EU Ambassador to Cabo Verde, referred to the grant as a strategic investment. She emphasized its role in modernizing vital ports and shipyard facilities, which are pivotal for inter-island connectivity and the welfare of the Cabo Verdean population.

Deputy Prime Minister Olavo Correia underscored the blue economy’s significance. He noted that ports are integral to connectivity, trade competitiveness, and tourism, vital for integrating Cabo Verde into regional and global value chains.

Alignment with EU Initiatives

The project aligns with the EU–Cabo Verde Multiannual Indicative Programme for 2021–2027. It also supports the Praia–Dakar–Abidjan multimodal corridor, recognized by the EU as a strategic infrastructure link.