Latest news with #CaboVerde
Zawya
5 days ago
- Business
- Zawya
Cabo Verde: Unlocking Inclusive Growth Through Increased Resilience and Equal Opportunities
Cabo Verde's economy continues on a strong recovery path, according to the latest Cabo Verde Economic Update 2025, released today by the World Bank. Real GDP in Cabo Verde grew by 7.3% in 2024, supported by robust tourism activity and a modest recovery in agriculture. However, while the country has made notable strides – particularly in macroeconomic management, debt reduction, and poverty alleviation – key vulnerabilities remain. These include reliance on tourism, exposure to external shocks, and fiscal pressures from state-owned enterprises (SOEs). The report, titled Unlocking Women's Economic Potential, analyses the country's economic growth projections, highlights progress on poverty alleviation, and outlines the structural reforms needed to ensure sustained and inclusive growth. The report also includes a special topic, focused on leveraging women's economic potential. 'Cabo Verde's recovery is a testament to the resilience of its people and institutions. But to transform this rebound into lasting and inclusive prosperity, bold reforms are needed - particularly to improve SOE governance, support women's economic participation, and diversify the economy,' said Indira Campos, World Bank Resident Representative for Cabo Verde. The report notes that inflation dropped to 1% in 2024 – its lowest level in recent years – helping to bring poverty down to 14.4% ($3.65 a day 2017PPP line). Public investment execution increased, debt levels continued to decline, and the current account posted a surplus for the first time in four years. Looking ahead, GDP growth is projected at 5.9% in 2025, with poverty expected to fall further. However, the report warns that global uncertainties, commodity price shocks, and climate risks could affect the pace of growth and reform. Among the recommendations, the report calls for accelerated efforts to improve SOE performance, prudence in creating new ventures, and for maintaining fiscal discipline while investing in high-impact projects. The report highlights the critical need for policies to ensure growth is inclusive. Despite progress in education and health, Cabo Verdean women continue to face labor market barriers. The report finds that closing gender gaps in employment and earnings could boost GDP by up to 12.2% in the long-term. To achieve this, the report recommends: Expanding access to childcare and flexible work arrangements. Promoting women's skills in science, technology, engineering, and mathematics (STEM), as well as in technical and vocational education and training. Tackling employer discrimination and transforming social norms. ' By aligning reform efforts with inclusive policies, Cabo Verde has a unique opportunity to strengthen resilience, empower more citizens – especially women – and build a more sustainable and equitable future,' said Anna Carlotta Massingue, Senior Country Economist. Distributed by APO Group on behalf of The World Bank Group.
Zawya
16-06-2025
- Business
- Zawya
ADB approves €19.6mln in financing to scale up Cabo Verde's pioneer in wind and battery storage capacity
ABIDJAN, Ivory Coast -- The Board of Directors of the African Development Bank Group ( has approved a €19.6 million financing package to support the Cabeólica Phase II Expansion Project in Cabo Verde. The project is the country's first renewable energy initiative to integrate wind power generation and battery energy storage systems (BESS) at scale. The financing includes a loan of approximately €12.6 million from the African Development Bank, and €7 million in concessional loan financing from the Bank Group-managed Sustainable Energy Fund for Africa (SEFA). Building on the success of the original Cabeólica power project commissioned in 2012, Phase II will add 13.5 megawatts of wind generation capacity and 26 megawatt-hours of grid-connected battery energy storage. The expansion is expected to generate over 60 gigawatt-hours of clean energy annually, eliminating expensive thermal generation and reducing carbon dioxide emissions by an estimated 50,000 tonnes annually. 'This project is a testament to Cabo Verde's long-term vision to decarbonize its power sector and enhance its resilience. It also demonstrates how private sector investment, facilitated by catalytic concessional financing, can deliver cost-effective, sustainable energy solutions for small island economies,' said Wale Shonibare, Director for Energy Financial Solutions, Policy and Regulations at the African Development Bank. Daniel Schroth, the Bank Group's director for Renewable Energy and Efficiency said: 'SEFA's support for the integration of battery storage into Cabo Verde's power system enhances power security and grid reliability while reducing generation costs in Cabo Verde.' He noted that the project highlights the added value of the right mix of financing and technology to strengthen long-term power sector sustainability. Ayotunde Anjorin, Chairman of Cabeólica and Senior Director and CFO at Africa Finance Corporation, said: 'As the first renewable energy commercial scale PPP in sub-Saharan Africa, Cabeólica is again proud to lead this transformative expansion project comprising additional wind capacity and battery energy storage. This project underscores Cabeólica's deep commitment to delivering reliable, clean energy infrastructure in line with national goals and priorities and continues to set a replicable model for the region.' Cabeólica Phase II entails five installations across four islands: a wind expansion on Santiago and BESS deployments on Santiago, Sal, Boa Vista, and São Vicente. Battery storage will support ancillary grid services such as frequency response and voltage regulation, enabling more efficient use of intermittent wind power and reducing curtailment. With Cabo Verde's electricity system still heavily reliant on imported fossil fuels, these upgrades are expected to reduce system costs and enhance energy security. Owned by Africa Finance Corporation, A.P. Moller Capital, and Cabo Verdean public entities, Cabeólica S.A. is the country's first independent power producer (IPP). Phase II of the project will be underpinned by a 20-year power purchase and storage services agreement with the national utility Electra S.A., at tariffs significantly lower than the national average generation cost. The project advances Cabo Verde's goal of generating 50% of its electricity from renewables by 2030 as well as its Nationally Determined Contribution under the Paris Agreement. It aligns with the African Development Bank's 'Light Up and Power Africa' High-5 priority, its Ten-Year Strategy, and SEFA's Green Baseload pillar. Distributed by APO Group on behalf of African Development Bank Group (AfDB). Media Contact: Olufemi Terry Communication and External Relations Department media@ Technical Contact: Wole Lawuyi Chief Investment Officer Energy Financial Solutions About the African Development Bank Group: The African Development Bank Group is Africa's premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: SOURCE African Development Bank Group (AfDB)
Zawya
16-06-2025
- Business
- Zawya
African Development Bank approves €19.6 million in financing to scale up Cabo Verde's pioneer in wind and battery storage capacity
The Board of Directors of the African Development Bank Group ( has approved a €19.6 million financing package to support the Cabeólica Phase II Expansion Project in Cabo Verde. The project is the country's first renewable energy initiative to integrate wind power generation and battery energy storage systems (BESS) at scale. The financing includes a loan of approximately €12.6 million from the African Development Bank, and €7 million in concessional loan financing from the Bank Group-managed Sustainable Energy Fund for Africa (SEFA). Building on the success of the original Cabeólica power project commissioned in 2012, Phase II will add 13.5 megawatts of wind generation capacity and 26 megawatt-hours of grid-connected battery energy storage. The expansion is expected to generate over 60 gigawatt-hours of clean energy annually, eliminating expensive thermal generation and reducing carbon dioxide emissions by an estimated 50,000 tonnes annually. 'This project is a testament to Cabo Verde's long-term vision to decarbonize its power sector and enhance its resilience. It also demonstrates how private sector investment, facilitated by catalytic concessional financing, can deliver cost-effective, sustainable energy solutions for small island economies,' said Wale Shonibare, Director for Energy Financial Solutions, Policy and Regulations at the African Development Bank. Daniel Schroth, the Bank Group's director for Renewable Energy and Efficiency said: 'SEFA's support for the integration of battery storage into Cabo Verde's power system enhances power security and grid reliability while reducing generation costs in Cabo Verde.' He noted that the project highlights the added value of the right mix of financing and technology to strengthen long-term power sector sustainability. Ayotunde Anjorin, Chairman of Cabeólica and Senior Director and CFO at Africa Finance Corporation, said: 'As the first renewable energy commercial scale PPP in sub-Saharan Africa, Cabeólica is again proud to lead this transformative expansion project comprising additional wind capacity and battery energy storage. This project underscores Cabeólica's deep commitment to delivering reliable, clean energy infrastructure in line with national goals and priorities and continues to set a replicable model for the region.' Cabeólica Phase II entails five installations across four islands: a wind expansion on Santiago and BESS deployments on Santiago, Sal, Boa Vista, and São Vicente. Battery storage will support ancillary grid services such as frequency response and voltage regulation, enabling more efficient use of intermittent wind power and reducing curtailment. With Cabo Verde's electricity system still heavily reliant on imported fossil fuels, these upgrades are expected to reduce system costs and enhance energy security. Owned by Africa Finance Corporation, A.P. Moller Capital, and Cabo Verdean public entities, Cabeólica S.A. is the country's first independent power producer (IPP). Phase II of the project will be underpinned by a 20-year power purchase and storage services agreement with the national utility Electra S.A., at tariffs significantly lower than the national average generation cost. The project advances Cabo Verde's goal of generating 50% of its electricity from renewables by 2030 as well as its Nationally Determined Contribution under the Paris Agreement. It aligns with the African Development Bank's 'Light Up and Power Africa' High-5 priority, its Ten-Year Strategy, and SEFA's Green Baseload pillar. Distributed by APO Group on behalf of African Development Bank Group (AfDB). Media Contact: Olufemi Terry Communication and External Relations Department media@ Technical Contact: Wole Lawuyi Chief Investment Officer Energy Financial Solutions About the African Development Bank Group: The African Development Bank Group is Africa's premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information:
Zawya
28-05-2025
- Business
- Zawya
Cabo Verde invests in improving the quality of care for the elderly
Ana Rita's life has improved since she started attending regular appointments at the local health unit in Assomada, on the island of Santiago. She is returning to normal life after a stroke she suffered during the covid-19 pandemic and is benefiting significantly from the country's efforts to improve care for the elderly. 'I feel welcomed at this center, where we have our own room and the attention and care we receive here has a big impact on our health,' says Ana Rita. Cape Verde's health and socio-economic progress in recent decades has had a significant and positive impact on life expectancy, which in 2020 was 75 years old. This has been increasing consistently over the last few decades, bringing with it challenges for the health system. The population aged over 60 is increasing - from 7.6% in 2010 to 10.0% in 2021. This population represents a growing proportion of the burden of Non-Communicable Diseases (NCDs), which cause around 60% of all deaths in the country. The strategic plan for active ageing and the health of older people, horizon 2024-2028, aims to improve the health and well-being of older people by preventing, protecting and reducing dependency on care and promoting dignity of life, with community involvement, strengthening the capacities of the workforce and legislative and regulatory improvements. 'The leadership of WHO Cabo Verde has been fundamental in the implementation of the ICOPE strategy, through technical support in the adaptation and adoption of the guidelines and the development and updating of policies and plans aimed at integrated and continuous care throughout life,' says Edith Pereira, acting head of WHO Cabo Verde Since the beginning of 2022, experts from the World Health Organization at headquarters and the regional office have been working with the Ministry of Health to develop this strategy based on evidence and needs to improve the health and well-being of the country's elderly. Distributed by APO Group on behalf of World Health Organization (WHO) - Cabo Verde.
Daily Mail
28-05-2025
- General
- Daily Mail
How to find the perfect African Caribbean island for your holiday - as we reveal the best ones for beautiful beaches, hiking and volcanic adventures
The Republic of Cabo Verde (as it's officially known) comprises 10 islands, of which nine are occupied. But which is right for you? To a passing spaceship, this engaging country of the west coast of Africa must look like a scattering of crumbs. Each island is golden brown, with jagged volcanic edges rimmed by surf. Yet zoom in and differences appear. The eastern islands are biscuit-flat and sifted with sand, while further west they become mountainous and greenery appears. But wherever you go, a friendly welcome awaits. It seldom rains, and the sun always shines. All you need to do is choose the right island. Here's our lowdown... Step into history To understand the archipelago's story, start in Santiago, the rugged and fertile largest island - the first to be settled (by Portugal) in 1462. In fact, Cidade Velha lays claim to being the oldest European city in the tropics. The more recent 18th century capital, Praia, was built on a pedestal of basalt out of reach of pirates. It's an intriguing, charming place with churches, fortifications, cobbled streets, bandstands and fruit-coloured mansions. There's even the odd museum. At the Praia Archaeology Museum, objects found in shipwrecks are displayed. Meanwhile, the House Museum Amilcar Cabral tells the tale of West Africa's Che Guevara, whose umbrella, beanie and Czechoslovakian combat jacket are among the exhibits. Elsewhere, fruit still goes to market balanced on heads. And you can still buy Praia's traditional cloth, panu di tera - so fine it was once used as a currency. Pause at the Café Sofia and enjoy a pastel de nata. Santiago, it seems, is not quite Africa and not quite Portugal but somewhere in between. Beautiful beaches Head to Sal or Boa Vista for beaches that stretch to the horizon, glowing silver and turquoise. Although it may appear that you have them almost to yourself, huge hotels lurk up in the dunes, cunningly designed to blend into the landscape, with some looking like Berber forts. Expect lakesized pools and tropical gardens - they're a fly-and-floppers' heaven. Two hotels is Sal deserve mention. The Morabeza, which opened in the 1960s, is charmingly retro, and comes with a library and two gargantuan billiard tables. The Hilton Cabo Verde Sol resort is more contemporary, bringing a little urban chic to the dunes, with grounds so lush and calm they're home to egrets. Sal's seaside town, Santa Maria, is a more acquired taste: great if you seek a surfboard, tattoo or boozy night out. Hiker's delight Santiago and Fogo are both good for hiking, but the best trails are on Santo Antao. It tops out at 6,493ft (1,979m), with sheer slopes rising dramatically. Yet, somehow, a cobbled road threads upwards through the craters and gorges although you'll need a head for heights; in places the roadside drops terrifyingly away around 3,280ft (1,000m). Most visitors head for the Vale do Paul, which looks like a huge crack in the planet. But there are farms clinging to the sides of this gigantic ravine, and tiny terraces of sugar cane and maize. The sudden greenness of everything is almost blinding. A good place to stop is Cabo da Ribeira. Here the road ends and the donkeys take over. It's the sounds you remember most; the trickle of water; voices singing; a blacksmith's hammer. Life is simple here. The walking is spectacular. While paths are steep - most of the mountains plunge vertically into the ocean - they're often cobbled. The Aldea Panoramica Hotel makes a good base. Musical treats Sao Vicente may seem like an odd spot for a carnival. Until the Age of Steam, it was largely uninhabited but then the British built a coaling station. Now, however, all that's left are the mansions, a Victorian fort, a few yachts and the music. Mindelo, the capital, is often described as 'the prettiest town in West Africa'. One of the world's greatest singers, Cesaria Evora was born here and there are plenty of bars where they belt out her soulful songs. Try Jazzy Bird, La Pergola, Casa Café Mindelo or - my favourite - Le Metalo. The island's annual Carnival begins each Shrove Tuesday; the stunning sound of 100 drums is utterly exhilarating. Volcanic Adventure Of all the islands, Fogo (or 'Fire') is the wildest, tallest and strangest. It's an active volcano and has erupted 27 times during the past 500 years. There have been no fatalities since 1847, and the islanders shrug off the danger. Most of them live out on the slopes of old lava flows. Take a ride up to the volcano's crater. It's five-and-a-half miles across, beautifully black and silent. From here, it's a four-hour trek up the biggest cone, Pico, at 9,281ft (2,829m). Extraordinarily, there are 600 people living inside the crater. During a 2014 eruption, both their villages were destroyed. A few buildings have been excavated since, and there's a scorched-looking bar, while the old hotel still lies under 20ft (6m) of lava. Otherwise, it's business as usual. But Fogo isn't just about lava. The main town, Sao Filipe, looks colourfully Cuban and is being lavishly restored. Stay out on the cliffs at the four-star Bamboo Xaguate Hotel and try some volcanic rosé on the town square. Sao Filipe even has its own beach (with sand as black as midnight).
