Release date: 11 May 2023
Promoter – Financial Intermediary
CABO VERDE TELECOM SALocation
Description
The project relates to the promoter's investment plan to support Cape Verde's strategic objective to become a digital hub in the West Africa region. In line with this objective, the promoter will invest in a new connection to a latest generation submarine cable system connecting Europe and the West coast of Africa. In addition, the promoter will also invest in the replacement of the passive fibre optic submarine cable interconnecting the country's islands, which is reaching its end of life, as well as in the modernisation of the information systems, both software and hardware, to improve functionality and efficiency.
Objectives
As part of the EU's Global Gateway strategy, EIB Global is supporting this project, which is expected to upgrade and enhance the existing digital infrastructure enabling environment in Cape Verde, to support the Government of Cape Verde in their ambitious digitalisation strategy and objective to become a regional digital hub. As a result, the project is expected to have a number of important socio-economic benefits for Cape Verde and the wider West Africa region. The project is expected to improve the availability and quality of digital connectivity for the local private sector, including SMEs. By supporting Cape Verde in consolidating its position as a regional digital hub of excellence, the project will stimulate innovation and indirectly contribute to the creation of highly skilled jobs in Cape Verde and potentially the wider West Africa region. In particular, Cape Verde's connection to Google's Equiano submarine cable would consolidate the country's cable access, and enable Cape Verde to act as a safe and secure global and regional transit platform and digital traffic. Cape Verde could thus become a digital converging point between Africa, Europe and South America, providing backup systems for the region, benefiting from Cape Verde's transparent and stable regulatory framework.
Comments
NDICI Investment Window 4
Sector(s)
- Telecom - Information and communication
Under Global Europe NDICI guarantee
Under EFSD+ Guarantee
Proposed EIB finance (Approximate amount)
EUR 37 million
Total cost (Approximate amount)
EUR 80 million
Environmental aspects
The project relates to the deployment of new submarine cables, as well as investments in information systems modernisation, which are expected to be located in existing premises. As per the assessment performed within the EU, where and if applicable, the requirements of the Environmental Impact Assessment Directive (EIA) 2011/92/EU as amended by EIA Directive 2014/52/EU, Birds Directive 2009/147/EC and Habitats Directive 92/43/EEC or the equivalent national regulation will be verified during appraisal.
Procurement
The Bank will require the promoter to ensure that implementation of the project will be done in accordance with the Bank's Guide to Procurement.
Status
Under appraisal - 13/02/2023
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).