The European Investment Bank (EIB) has agreed to provide a $25 million loan for the construction of a new telecommunications connection to Cabo Verde. It is hoped that the new submarine cable will improve telecommunications to Cabo Verde as it will enable faster Internet access and the roll out of 4G mobile services across the island state.
The agreement for the first EIB support for telecom investment in Cabo Verde was signed in Sal by H.E. the Vice Prime Minister Olavo Avelino Garcia Correia, José Luís Livramento M. A. de Brito, Chairman of the Board of Cabo Verde Telecom and Jane Feehan, European Investment Bank Regional Representative for West Africa.
“Cabo Verde Telecom welcomes the new partnership with the European Investment Bank that will improve connections between our islands and the rest of the world, as well as improve communications across the country. Connection to the EllaLink cable, to be financed by the new EIB loan, is key for the future of Cabo Verde and will unlock an exciting range of opportunities,” said José Luís Livramento M. A. de Brito, Chairman of the Board of Cabo Verde Telecom.
The new telecommunications will also connect Cabo Verde to the EllaLink cable system which is currently being laid between Brazil and Portugal. EllaLink is connected to the Cabo Verde archipelago and allows Cabo Verde Telecom services to benefit from the new connection to Europe and Latin America. Halfway through 2018, Cabo Verde Telecom and EllaLink signed an agreement to deliver subsea fibre cable that will go through Cabo Verde and connect South America and Europe.
The fibre cable is expected to be fully functional by the year 2020.
“The European Investment Bank, the EU Bank, is committed to supporting small island states around the world. We have backed investment in Cabo Verde for more than 40 years, and are pleased to agree our first support for communications investment by Cabo Verde Telecom. This project represents an exciting step-change in the country’s access to ICT, which is an essential part of the enabling environment for Cabo Verde’s economy. This investment will provide economic and social benefits to Cabo Verdians at home and abroad,” said Jane Feehan, European Investment Bank Regional Representative for West Africa.