The funding demonstrates Cabo Verde’s potential to actively compete in the global economic systems.
by Blue Africa News
The Republic of Cabo Verde is preparing for a major infrastructural uplift of its key ports and shipyard, as part of a broader effort to modernise and enhance the island nation’s maritime transport system.
On January 16, 2026, the European Union (EU) under its bank, the European Investment Bank (EIB Global) signed a €34 million investment grant to support the rehabilitation and expansion of Cabo Verde’s main ports and its main shipyard.
The new grant, EIB shared, complements €114 million in the bank’s financing signed in 2024 with the Republic of Cabo Verde.
“Together, the funding forms around €148 million on a concessional financing package to enable strategic investments in port infrastructure,” EIB said in a press statement.
“These investments will enhance Cabo Verde’s maritime transport system, a critical lifeline for the island nation, while improving inter-island connectivity and reducing emissions across the archipelago. By upgrading port infrastructure and shipyard facilities, the project will support economic growth, sustainable tourism, and the country’s broader climate and development goals.”
Expansion of Porto Grande in Mindelo with a new breakwater and quay is part of the broader development plan, which also includes enlarging the container handling capacity, and modernising infrastructure for cargo and fisheries.
Similarly, environmental investments will comprise the installation of onshore power supply at the Mindelo cruise terminal, and solar energy systems across several ports in the archipelago.
Additionally, the infrastructure upgrade program supports the modernisation of Palmeira Port to enable the reception of larger vessels, improved environmental management, and better conditions for the safe and efficient landing of fish. Equally, it supports the expansion of “Porto Novo” Port to strengthen inter-island and international maritime connectivity.
“The blue economy, and ports in particular, are central pillars of this strategy, given their importance for connectivity, competitiveness, trade, tourism and Cabo Verde’s integration into regional and global value chains,” said Olavo Correia, deputy prime minister and minister of finance of Cabo Verde.
The funding, the deputy prime minister said, demonstrates that they are focused on an economy with real growth potential, capable of participating actively and competitively in the global economic system.
But above all, the government official added, “It demonstrates that our partners believe in our ability to transform investment into concrete results for people.”
EIB Vice-President Ambroise Fayolle said the investment for sustainable ports will transform how Cabo Verde connects its islands, serves its communities, and trades with the world, showing how “EIB Global and the European Union are working together to deliver lasting impact, improving connectivity and strengthening resilience across the islands.”
EU says the project is fully aligned with the EU–Cabo Verde Multiannual Indicative Program (2021–2027) and the Team Europe Initiative “To Green Cabo Verde,” alongside supporting the Praia–Dakar–Abidjan multimodal corridor identified by the EU as a strategic link under Global Gateway.
Marineinsight.com reports that there are 9 major ports in Cape Verde which play key roles in the country’s overall development. The major ports are Port of Praia, Porto Novo, Porto Grande, Port of Tarrafal, Port of Palmeira, Port of Sal-Rei, Porto Ingles, Port of Vale de Cavaleiros and Port of Furna, which serve as commercial hubs for international trade and inter-island connection hubs.
The ports are critical for importing goods, tourism, functioning as a maritime logistics hub between Europe, Africa, and the Americas.
Praia for example is the main commercial port of Cape Verde serving as an important financial and business hub, with reports indicating that it handles approximately 818,900 tonnes of cargo and 90,000 passengers annually.
On the other hand, Porto Grande handles fuel, refined oil, gravel and cement imports, while export commodities include canned fish, animal skins, timber, citrus fruits and bananas.
Oliver Ochieng, Blue Africa News
