Cape Verde Inaugurates AfDB-Backed TechPark CV

The government of Cape Verde has inaugurated TechPark CV, a digital hub supported by multilateral development finance institution the African Development Bank (AfDB). Developed in two phases, TechPark CV is backed by €45.5 million from the AfDB, and is expected to position the country as a regional technology hub.

The €51.85-million facility hosts 23 companies from 7 countries across two campuses in the Cape Verdean archipelago. The Praia Campus, situated on Santiago Island, was inaugurated on May 5 while the Mindelo Campus on São Vincente Island was inaugurated on May 6.

With aims to become a development center for AI, blockchain, fintech, big data and IoT, TechPark CV features fully equipped facilities including a data center; disaster recovery site; business center; incubation center; civic event center; and training and qualification center.

Designated a Special Economic Zone for Technologies, the facility offers VAT and import tax exemptions and a reduced corporation tax rate of 2.5% for qualifying businesses.

TechPark CV will collaborate with the Economic Community of West African States to support innovation across the region.