Cape Verde marked a key milestone in its digital transformation journey on Monday (May 5) with the official inauguration of TechPark CV, a strategic infrastructure project supported by the African Development Bank Group.
The €51.85 million project was developed in two phases, with €45.5 million in financing from the African Development Bank.
Since beginning operations in November 2023, TechPark CV has rapidly developed into a thriving technology hub.
In just 18 months, it has reached full occupancy across 52 office spaces, housing 23 companies from seven countries and employing 311 young professionals.
Highlighting the park’s modern infrastructure, Prime Minister Correia e Silva said,
“The tech park is a good environment to connect start-ups and more mature companies. I have visited many tech parks around the world, and this one is not behind any of them. In fact, it is one of the best. With 311 professionals employed here across 23 companies serving international markets, and state-of-the-art infrastructure, this speaks directly to our vision of turning Cabo Verde into a Digital Island for the globe.”
He outlined two key objectives for the initiative: to position Cabo Verde as a digital hub for Africa and beyond by exporting high-quality digital services, and to create quality employment opportunities while attracting talent from the country’s global diaspora.
He noted the government’s role in leveraging the diaspora’s expertise to strengthen the capabilities of TechPark CV.
“The state is an important economic agent. We can either facilitate or complicate it. So, we choose to facilitate, not complicate it. We would like to build a very solid foundation to sustain this digital ecosystem, reinforcing education and strengthening our informal economy with digital commerce and skills because we know that Digital is transversal,”
the Prime Minister added.
Dr Adesina, who led a Bank delegation to the event, underscored the significance of the project.
“The future is very bright for innovative young entrepreneurs in Africa. This is driven by the rapid expansion of the digital economy, which will add $180 billion to Africa’s GDP by 2025 and $712 billion by 2050,” he said.
Addressing initial scepticism surrounding the project, Dr Adesina added,
“You had doubters, with some questioning the rationale of a small country like Cabo Verde having a technology park. Some even said this was going to be a white elephant project. But you were undaunted. You stayed true to your vision. Well, time has proven you right! The white elephant is running, full steam.”
TechPark CV features advanced facilities, including a Data Centre, Disaster Recovery Site, Business Centre, Incubation Centre, Civic Event Centre, and a Training and Qualification Centre across both Praia and Mindelo campuses.
Operating as a special economic zone, the park offers tax exemptions on technology imports and income tax, aimed at attracting foreign and domestic companies.
Its training programmes have seen rapid growth, expanding from six in 2023 to 50 in the first quarter of 2025, upskilling 2,769 individuals in emerging fields such as AI, cybersecurity, and software development.
Since opening, the park’s operational revenue has increased by more than 4,300%.
The African Development Bank remains Cabo Verde’s largest development partner in ICT, having committed $57 million across both phases of the TechPark CV project.
In recognition of his leadership and support for Cabo Verde’s development, Dr Adesina was awarded the country’s highest public service honour during the inauguration ceremony.
The three-day event also features panel discussions on digital transformation, workshops on emerging technologies, and a start-up pitch competition, reflecting Cabo Verde’s growing leadership in Africa’s digital sector.
Source: Fintech Africa
