The African Development Bank has just funded Cabo Verde’s second Technology Park in Mindelo.
During the Tech Park launching event the AfDB projected that the digital economy sector will add USD 180 billion to Africa’s GDP in 2025 and USD 712 billion by 2050.
The global digital economy, on the other hand, is expected to be valued at USD 16.5 trillion by 2028
Built at 51.85 Million Euros the new facility completes the second campus of the TechPark CV project funded by the African Development Bank. The facility aims to establish the country as a digital hub connecting Africa with global markets.
The TechPark CV project received 45.5 million Euros in financing from the African Development Bank Group, supporting both the Praia and Mindelo campuses.
Prime Minister José Ulisses Correia e Silva highlighted the transformative impact of the technology park, saying it was a modern infrastructure important for the development of the digital economy.
“We want to position the digital economy as one of the key sectors for the diversification of Cabo Verde’s and Cavian economy, and increase the share of the digital economy in the GDP from around 7 percent to 25 percent.”
“It is one of the sectors that create jobs and create quality jobs, simulates entrepreneurship and makes the capacity and talent of young people happen. We want to attract leading companies. We want to develop young digital entrepreneurship, start-ups and create well paid jobs.”
The President of the African Development Bank Group, Dr Akinwumi Adesina emphasized that “These two events mark a turning point for the broader diversification of the economy of Cabo Verde and a landmark in its quest to become the digital gateway for Africa.”
Dr Adenisa added that the two technology park campuses will spark the spirit of digital innovation and spur the emergence of technology-enabled businesses that will propel the digital economy of Cabo Verde.
“The Technology Park will allow Cabo Verde to take advantage of the digital economy in Africa, which is estimated to add USD 180 billion to the GDP of Africa by 2025 and USD 712 billion by 2050.
It will also allow Cabo Verde to benefit from the USD 16.5 trillion in global digital economy by 2028.”
Carlos Monteiro, President of TechPark CV said the project was the realisation of their ambition to transform Cape Verde into a technology hub for West Africa. Our unique mid-Atlantic location creates a gateway for investments and business opportunities linking Africa, Europe and the Americas.”
“The spirit of morabeza lies at the heart of what we’re building – a welcoming environment where innovators from different backgrounds and cultures can collaborate and thrive together.”
Project architect Fernando Mauricio Dos Santos, whose design balances technological needs with environmental considerations, noted that the campus features a secure, basement-level data centre that ensures national security while harmonizing with the surrounding residential area.
The U-shaped building’s orientation provides protection against northeast winds while maximizing southern light exposure, creating a comfortable and energy-efficient environment.
“A specialized technical box discreetly houses heavy refrigeration equipment, allowing the facility to blend advanced technology capabilities with Mindelo’s existing urban landscape.”
The Mindelo facility includes a data centre, a business incubation hub, and a training centre. The campus currently hosts ten companies from four countries and employs 125 young professionals, with 80 percent of its 25 office spaces occupied.
Both campuses of TechPark CV are now operational.