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Global Gateway: Team Europe and Cabo Verde present an investment package of €246 million to boost green energy, sustainable transport and digital connectivity transformation

The announcement made on the eve of the Global Gateway Forum by President Ursula von der Leyen of the European Commission and Prime Minister Ulisses Correia e Silva of Cabo Verde signifies a significant step towards a greener and more sustainable future for Cabo Verde. The substantial package of investments, totaling €246 million, aims to boost the green transition, sustainable transport, and digital connectivity in the country as part of the Global Gateway initiative.


President von der Leyen emphasized the EU's commitment to supporting Cabo Verde's vision for a greener, more connected, and economically empowered future. The investments presented include various initiatives:


1. Green Energy Development: The EU and European Investment Bank (EIB) will provide a blended grant and loan package to revolutionize Cabo Verde's energy market. This includes developing a pumped storage facility and other essential components to optimize energy use, with a grant of €29 million and an EIB sovereign loan of €120 million.


2. Wind Energy Expansion: The EIB will support Cabo Verde with a €22 million corporate loan to expand Cabeólica's wind farm, adding 13 Mega Watts (MW) of clean, renewable energy to the nation's grid. This expansion aligns with Cabo Verde's goal of attaining 50% renewable energy sources by 2030.


3. Port Infrastructure Modernization: The EU will provide a €25 million grant blended with an EIB loan of up to €120 million to modernize Cabo Verde's port infrastructure. This includes projects like the Porto Grande Expansion in São Vicente and the Mindelo Cruise Terminal Onshore Power Supply, aiming to enhance connectivity and trade.


4. Digital Connectivity Enhancement: The EU will support Cabo Verde's ambition to become a digital hub within the region by providing an EIB corporate loan of €22 million to Cabo Verde Telecom. This will facilitate the rollout of accessible and affordable internet connections across the country, improving digital connectivity and efficiency.



These investments underscore the EU's commitment to supporting Cabo Verde's sustainable development goals and building a strong partnership between the two entities. The Global Gateway initiative aims to reduce the worldwide investment gap, boost smart, clean, and secure connections in digital, energy, and transport sectors, and strengthen global resilience and sustainable growth. Through a Team Europe approach, the EU, EU Member States, and European development finance institutions aim to mobilize up to €300 billion in public and private investments from 2021 to 2027, contributing to essential global infrastructure development.

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