Praia, June 17, 2025 (Lusa) - The government of Cabo Verde and the European Union (EU) are holding a forum on the island of Sal from Wednesday to Friday to attract investors, at a time when the European bloc is making one of its biggest investments in the archipelago.
Cabo Verde, the EU, and the European Investment Bank (EIB) signed a financial package worth €300 million in September to support the energy, ports, and digital infrastructure sectors as part of the Global Gateway strategy, which involves mobilising the private sector.
“We now have an agreement with the EU on this scale,” said Deputy Prime Minister Olavo Correia at the time, alongside the EU’s Deputy Director-General for International Partnerships, Myriam Ferran, who is now returning to participate in the fourth edition of the Cabo Verde Investment Forum.
The third day, Friday, will be entirely dedicated to promoting investment in the three areas covered by the Global Gateway package in the archipelago: the digital sector, the blue economy and the energy transition.
Year after year, the forum’s clear objective has been to present investment opportunities, seeking private sector interest to diversify the economy.
Cabo Verde’s economy has grown (7.3% in 2024) and has already exceeded pre-pandemic levels, and it continues to rely on tourism and remittances from migrants.
The government’s strategy with the EU and other partners is to highlight for private investors that the market’s scale, Cabo Verde has 500,000 inhabitants and a nominal gross domestic product of €2.5 billion, offers attractive opportunities, and conditions are in place to attract new projects and large investors, including through the creation of tax-free zones.
According to the EU, under the Global Gateway package, “the EU has already approved €344 million for structural projects in Cabo Verde”.
“The inauguration of the cruise passenger terminal in Mindelo, São Vicente, the work already underway in the port of Palmeira, in Sal, and the wind farms in Cabeólica, in Santiago, are concrete results of these investments,” said a statement launching the forum.
The largest projects are in the preparatory phase.
The largest amount, €159 million, which also includes private support from Luxembourg, will finance the construction of infrastructure for the production, storage, and distribution of electricity, promoting the country’s shift towards cleaner, more affordable energy sources.
This includes the future Santiago Pumped Storage Plant, which will serve as intermediate storage for renewable energy.
Another axis of financing for the Cabo Verdean State is approximately €105 million, dedicated to the development of port infrastructure, with a priority for Porto Grande do Mindelo (São Vicente), Porto Novo (Santo Antão), and Palmeira (Sal).
In the digital sector, €37 million in EIB financial guarantees is intended to facilitate investment in a new fibre optic cable linking Europe to the west coast of Africa, as well as investments in inter-island connections and the modernisation of the mobile network, with 5G networks in sight.
During the three-day forum in Sal, the government of Cabo Verde will share its development strategies “to mobilise financial resources and partnerships between national and international investors, strengthening the country’s role as a Mid-Atlantic Platform for the global economy,” according to Cabo Verde Trade Invest, the government agency promoting the archipelago.
The plenary sessions will begin on Wednesday with the primary objective of facilitating dialogue and collaboration between EU and Cabo Verde companies, European development financial institutions and other key partners.
LFO/ADB // ADB.
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