Cabo Verde, the European Union (EU), and the European Investment Bank (EIB) signed a €300 million financial package in September to support strategic sectors under the Global Gateway initiative, which aims to mobilize private sector participation. From today until Friday, Cabo Verde and the EU are hosting the 4th Investment Forum on Sal Island, focusing on the blue economy, digital transformation, and energy transition.
Friday, the final day of the forum, will be entirely dedicated to promoting investments under the Global Gateway strategy.
Myriam Ferran, EU Deputy Director-General for International Partnerships, who was present in Praia for the initial signing, returns now to participate in the forum and to visit several project sites.
According to the EU, €344 million in funding has already been approved for major infrastructure projects in Cabo Verde through the Global Gateway package.
Examples of concrete outcomes include:
- The inauguration of the cruise passenger terminal in Mindelo (São Vicente)
- Ongoing expansion of the port of Palmeira (Sal)
- Development of Cabeólica wind farms in Santiago
The largest project, currently under preparation, will involve €159 million to generate clean electricity, including the Pumped Storage Hydropower Plant in Santiago, a key facility for renewable energy storage.
Another major funding line, approximately €105 million, is dedicated to port infrastructure development.
In the digital sector, €37 million in EIB financial guarantees aim to support investments in:
- A new fiber optic cable
- Inter-island connectivity
- Modernization of the mobile network
The plenary sessions of the fourth investment forum begin today, with the main goal of facilitating dialogue and collaboration between EU and Cabo Verdean companies, European development finance institutions, and other key partners.
Source: Jornal Económico / Lusa
