African Development Bank President Dr. Akinwumi A. Adesina on Wednesday inaugurated the upgraded Port of Maio in Cabo Verde, which will help reduce sea travel time to the capital Praia, and boost trade. The African Development Bank contributed €17.87 million of the €36 million needed for the renovation of the Ports of Maio and Palmeira. The European Union, the Bank’s strategic partner, contributed €11 million, with the Cabo Verdean government contributing €7.8 million.
“An investment like this changes economies and affects livelihoods quickly. According to Prime Minister José Ulisses de Pina Correia e Silva, it will link Maio to both the rest of the nation and the rest of the world.
“Maio has significant potential for eco-friendly tourism and strikes a solid balance between the two. We anticipate working with the Bank and other partners in the future on this, he added.
The opening of the port, according to Adesina, was another significant development for the resilient West African country. “This lovely port will change the way Maio’s economy looks. It will be better connected to the rest of the nation, which will quickly increase commercial and economic prospects and increase tourism, according to Adesina. Previously, a sea trip from Praia to Maio took three hours. Now that Maio’s port has been updated, it will take less time. The project is anticipated to significantly ease the process of selling salt, cheese, fish, and other essential commodities.
Adesina commended the government for its proactiveness in tackling the Covid-19 pandemic, which impacted the economy heavily, particularly tourism. In 2020, the African Development Bank provided €30 million to fund the country’s Covid-19 response, helping Cabo Verde exceed expectations on its vaccination program. Over 84% of the population are vaccinated, which is way above the 18% average for Africa.
The country has also recovered significantly from the pandemic, recording GDP growth of 7.1% in 2021. The African Development Bank is also financing transformations in other sectors of the country’s economy. The Bank’s €30 million financing for the modernization of the Praia airport has expanded passenger traffic by 150%.
A power project co-financed with the Japan International Cooperation Agency provided electricity to over 10,000 people. Another partnership with the European Investment Bank and other partners financed the €63 million Cabeolica wind power plant. The project now supplies 20% of the nation’s electricity. This has made Cabo Verde a model country for clean energy.
