Massive funding grant for port upgrades

€34 million grant for Cabo Verde port upgrades

CABO VERDE: The European Union (EU) and the European Investment Bank (EIB) have signed a €34 million investment grant to support the rehabilitation and expansion of Cabo Verde’s main ports and shipyard. The grant complements €114 million in EIB financing signed in 2024, forming a roughly €148 million concessional financing package for strategic investments in port infrastructure.

The investments will enhance Cabo Verde’s maritime transport system while improving inter-island connectivity and reducing emissions. By upgrading port infrastructure and shipyard facilities, the project will support economic growth, sustainable tourism, and the country’s broader climate and development goals.

The program includes expanding Porto Grande in Mindelo with a new breakwater and quay, enlarged container handling capacity, and modernized infrastructure for cargo and fisheries. Environmental investments include installing onshore power supply at the Mindelo cruise terminal and solar energy systems across several ports.

It also supports modernising Palmeira Port to receive larger vessels, improve environmental management, and create better conditions for safe and efficient fish landing. Porto Novo Port will be expanded to strengthen inter-island and international maritime connectivity. CABNAVE rehabilitation is in the pipeline, alongside potential investments in the port of Praia.

“This investment for sustainable ports will transform how Cabo Verde connects its islands, serves its communities, and trades with the world,” said EIB Vice-President Ambroise Fayolle.

He noted it shows how EIB Global and the European Union are working together to deliver lasting impact, improving connectivity and strengthening resilience across the islands.

Sylvie Millot, the EU Ambassador to Cabo Verde, called it a strategic investment modernising key ports and the country’s main shipyard while strengthening inter-island connectivity. Deputy Prime Minister and Minister of Finance Olavo Correia said the blue economy, and ports in particular, are central pillars of the strategy given their importance for connectivity, competitiveness, trade, tourism, and Cabo Verde’s integration into regional and global value chains.

“This funding demonstrates that we are talking about an economy with real growth potential, capable of participating actively and competitively in the global economic system,” he said.

PHOTO: Porto Grande bay of the city of Mindelo, Sao Vicente island. (Adobe Photostock licence)

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