Cape Verde has officially inaugurated TechPark CV, a €45.59 million ($49 million) technology hub funded by the African Development Bank (AfDB), marking a pivotal step in its ambition to become the “Tech Islands of West Africa.” The facility, launched in Praia and Mindelo, spans two campuses on Santiago and São Vicente islands, respectively, and is designed to position Cape Verde as a digital gateway linking Africa, Europe, and the Americas.

TechPark CV currently hosts 23 companies from seven countries, including global giants like Intel, Microsoft, and Smart Africa, with capacity for up to 1,500 professionals. The park features state-of-the-art facilities, including data centers, an incubation center, a business center, a disaster recovery site, and a 400-seat conference center, fostering innovation in AI, blockchain, fintech, and IoT. Its Special Economic Zone (ZEET) status offers significant incentives: 0% VAT, 0% import tax, and a 2.5% corporate tax rate for qualifying tech firms.

Prime Minister Ulisses Correia e Silva described TechPark CV as “a space that connects Cape Verde to the world,” emphasizing its role in economic diversification away from tourism. The AfDB, which provided €45.5 million for the project’s two phases, sees it as a model for digital transformation in Africa. Collaborations with the Economic Community of West African States (ECOWAS) and academic institutions aim to boost regional innovation and local talent development.

Carlos Monteiro, President of TechPark CV, highlighted its mid-Atlantic location and Cape Verde’s spirit of morabeza (hospitality) as key to attracting global investment. The project aligns with Cape Verde’s goal to grow its digital sector’s GDP contribution to 25%, solidifying its role as a pioneer in Africa’s digital economy.