African Development Bank (AfDB) Group President, Dr. Akinwumi Adesina, inaugurated the upgraded Port of Maio, on Wednesday, during a three-day visit to Cabo Verde.
The President travelled to Cabo Verde at the invitation of Prime Minister, Dr. José Ulisses Correia e Silva, a statement by the regional bank said.
In 2018, the African Development Bank approved a $26 million facility to upgrade the ports of Maio and Palmeira. The European Union co-financed the project with a grant of €10 million.
The growth of maritime transportation is critical for the West African country, given its geographic location. Cabo Verde is an archipelago in the central Atlantic Ocean.
The Cabo Verdean government is working to create a dependable transportation network to improve economic ties between the islands, lower transportation and storage costs, and promote inclusive growth.
Tourism, which accounts for 25 per cent of GDP, 23 per cent of formal jobs and 55 per cent of the country’s exports, is critical to its economy.
During his visit to Praia, the capital, Adesina, met with Prime Minister Correia e Silva and Finance Minister and Deputy Olavo Correia to discuss the Bank’s strategic priorities, engagement, and opportunities for future partnerships.
Adesina was also scheduled to meet with key partners of the Budget Support Group (Portugal, Spain, European Union, Luxembourg, and the World Bank) to discuss ways to support Cabo Verde’s efforts to strengthen its socioeconomic infrastructure. He will also meet with representatives of business associations about improving the business environment.
In July, Prime Minister Correia e Silva visited the Abidjan headquarters of the bank, where he discussed Cabo Verde’s economic condition with President Adesina. He sought support for his country to enable it to tackle exogenous shocks such as those caused by the war in Ukraine and the Covid-19 outbreak.
AfDB and Cabo Verde have been working together since 1977. Since then, the bank has invested more than €619 million in 69 projects in the country.