Cape Verde Unveils Mindelo Technology Park to Bolster Digital Economy
Cape Verde has officially inaugurated the Mindelo Technology Park, complementing the completion of the second campus of the African Development Bank-funded TechPark CV project. This state-of-the-art facility is designed to position the country as a key digital hub, fostering connections between Africa and global markets.
Significant Financial Backing for Digital Expansion
The opening ceremony, held on May 6, attracted representatives from various sectors, including government officials, industry leaders, and development partners. The TechPark CV project, which amounts to €51.85 million, has significantly benefited from a €45.5 million loan provided by the African Development Bank Group. These funds are directed toward developing both the Praia and Mindelo campuses.
Prime Minister Emphasizes the Park’s Transformative Role
In his remarks, Prime Minister José Ulises Correia e Silva highlighted the transformative potential of the Technology Park. He expressed, “We are at a pivotal moment as we open the foundation for this important infrastructure that underpins the growth of our digital economy. Our goal is to raise the digital economy’s contribution to GDP from around 7% to 25%.”
Creating Employment Opportunities and Encouraging Entrepreneurship
The Prime Minister further elaborated on the project’s objectives, stating, “This sector is crucial for job creation and nurturing entrepreneurship, ultimately unlocking the talents of our youth. We aim to attract leading companies, promote young digital entrepreneurs, and create high-quality jobs that offer competitive pay.”
African Development Bank Highlights Digital Vision
Dr. Akinwumi A. Adesina, President of the African Development Bank Group, reinforced the significance of this development, noting, “The opening of these campuses marks a turning point in Cape Verde’s efforts to diversify its economy and establishes the country as Africa’s digital gateway. These two technology parks will stimulate digital innovation and give rise to technology-driven businesses that will fuel Cape Verde’s digital economy.”
Positioning Cape Verde for Economic Growth
Dr. Adesina further emphasized the financial potential of the project, suggesting that, “Cape Verde stands to gain substantially from Africa’s digital economy, projected to contribute an additional $180 billion to the continent’s GDP by 2025 and $712 billion by 2050. The country is also poised to tap into the global digital economy, projected to reach $16.5 trillion by 2028.”
Transforming Cape Verde into a Tech Hub
Carlos Monteiro, President of TechPark CV, shared his vision for the project’s cultural and economic implications. He remarked, “TechPark CV realizes our ambition of transforming Cape Verde into West Africa’s technology hub. Its strategic mid-Atlantic location positions us as a gateway for investments and business opportunities that connect Africa, Europe, and the Americas.”
Shaping a Collaborative Environment for Innovation
He went on to explain, “The spirit of Moraveza is foundational to our mission, fostering a welcoming environment where innovators from diverse backgrounds can collaborate and grow together. Through this initiative, we are not just creating a digital hub; we are building a community that leverages technology to drive economic growth and sustainable development for Cape Verde and its international partners.”
Dr. Adesina concluded with a motivational message for the entrepreneurs involved, saying, “You will succeed! You will grow! Just as the voice of Cesaria Évora emerged from Mindelo to captivate the world, so too will Mindelo Technology Park evolve into a beacon for innovation that resonates across Africa and beyond. Keep pushing forward and aim for greater heights!”
Currently, both campuses of TechPark CV are fully operational, featuring a data center, a business incubation hub, and a training facility, and are home to 10 companies employing 125 young professionals. The campus operates as a digital special economic zone, providing tax incentives for companies specializing in artificial intelligence, cybersecurity, fintech, and digital health solutions.
