African Development Bank Funds Second Tech Park in Mindelo, Promoting Digital Economy in Cabo Verde

Strategic Insights -

The African Development Bank has funded the second Tech Park in Mindelo, Cabo Verde, as part of the TechPark CV project. The facility aims to establish Cabo Verde as a digital hub connecting Africa with global markets. The ceremony took place on May 6, with representatives from the government, industry, and development partners in attendance. The project received EUR 45.5 million in financing from the African Development Bank Group, supporting both the Praia and Mindelo campuses.

Key Takeaways:

  • The Mindelo Technology Park has already hosted ten companies from four countries and employs 125 young professionals, with 80% of its 25 office spaces occupied.
  • The facility operates as a special digital economic zone, offering tax incentives to businesses specializing in artificial intelligence, cybersecurity, fintech, and digital health solutions.
  • The TechPark CV project aims to establish Cabo Verde as a digital hub connecting Africa with global markets, with an estimated potential impact of adding $180 billion to the GDP of Africa by 2025 and $712 billion by 2050.
  • The project is expected to attract leading companies, develop young digital entrepreneurship, and create well-paid jobs, position the digital economy as one of the key sectors for the diversification of Cabo Verde's economy, and increase the share of the digital economy in the GDP from around 7% to 25%.
  • Carlos Monteiro, President of TechPark CV, highlighted the cultural and economic significance of the project, stating that it is the realization of their ambition to transform Cape Verde into a technology hub for West Africa.
  • The project aims to foster a community where technology drives economic growth and sustainable development for Cabo Verde and its international partners, and to promote a welcoming environment for innovators from different backgrounds and cultures.

Statistics:

  • The TechPark CV project received EUR 45.5 million in financing from the African Development Bank Group.
  • The facility aims to add $180 billion to the GDP of Africa by 2025 and $712 billion by 2050.
  • The digital economy in Africa is estimated to reach $180 billion by 2025 and $712 billion by 2050.
  • The project aims to increase the share of the digital economy in the GDP of Cabo Verde from around 7% to 25%.
  • The facility operates as a special digital economic zone, offering tax incentives to businesses specializing in artificial intelligence, cybersecurity, fintech, and digital health solutions.

Sources:

  • M2 Communications, May 15, 2025: African Development Bank funds second Tech Park in Mindelo (C) 1994-2025 M2 COMMUNICATIONS RDATE: 15052025
  • African Development Bank Group (www.AfDB.org)
  • APO Group on behalf of African Development Bank Group (AfDB)