EU and EIB Global Secure €34M Grant for Sustainable Cabo Verde Ports
The European Union (EU) and EIB Global have secured a €34 million grant aimed at enhancing the sustainable development of Cabo Verde’s ports. This investment is part of the Global Gateway initiative, focusing on the rehabilitation and expansion of the islands’ main ports and key shipyard facilities.
Details of the Grant and Concessional Financing
This €34 million grant complements a separate €114 million financing agreement signed with the Republic of Cabo Verde in 2024. The total concessional financing package now amounts to approximately €148 million.
Aim and Impact of the Funding
The funding targets vital investments in port infrastructure that are crucial for Cabo Verde’s connectivity and economic advancement. Key objectives of the programme include:
- Strengthening the maritime transport system.
- Enhancing inter-island trade and mobility.
- Improving logistics efficiency.
- Reducing emissions across the archipelago.
Planned Investments in Port Facilities
Significant upgrades are planned for various port and shipyard facilities, which will support sustainable tourism and economic growth. Key projects include:
- Expansion of Porto Grande in Mindelo, featuring a new breakwater and quay.
- Increased handling capacity for containers and modernization of cargo and fisheries infrastructure.
- Installation of onshore power supply at the Mindelo cruise terminal and solar energy systems at several ports.
- Modernization of Palmeira Port to accommodate larger vessels and improve environmental management.
- Expansion of Porto Novo Port to enhance inter-island and international maritime connectivity.
- Rehabilitation of the CABNAVE shipyard and potential future investments at Praia Port.
Statements from Officials
Leaders expressed the transformative potential of this investment. Ambroise Fayolle, Vice-President of the European Investment Bank, stated, “This investment for sustainable ports will transform how Cabo Verde connects its islands and trades with the world.”
Sylvie Millot, the EU Ambassador to Cabo Verde, emphasized the project’s role in modernizing key ports and the shipyard. Olavo Correia, Cabo Verde’s Deputy Prime Minister and Minister of Finance, highlighted the importance of ports in enhancing connectivity and competitiveness.
Alignment with Regional Development Strategies
This initiative aligns with the EU–Cabo Verde Multiannual Indicative Programme 2021–2027 and supports the Praia–Dakar–Abidjan multimodal corridor. Additionally, it contributes to Cabo Verde’s Strategic Plan for Sustainable Development for 2022-2026.
Conclusion
The EU, through Global Gateway investments exceeding €400 million, continues to facilitate impactful projects across various sectors in Cabo Verde. These efforts position the nation as a resilient regional hub, fostering a long-term partnership with Europe.
