EIB $25m to upgrade Cabo Verde telecoms
The European Investment Bank, the
world’s largest international public bank, has agreed to provide $25m for the construction
of a new telecom connection to Cabo Verde.
The new submarine cable will
transform communications to the small island state, enabling faster internet
access and the roll out of 4G mobile services.
“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,” José Luís Livramento M. A. de Brito, Chairman of the Board
of Cabo Verde Telecom, said.
“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.
The EIB loan will support $60m of
new investment by Cabo Verde Telecom that will also expand 4G networks coverage
across 10 islands, expand fibre to the home internet access and enable solar
energy to be used to power the telecom network.
The new telecom link will improve
the resilience of international connections to Cabo Verde. Existing
communications rely on a single submarine cable that is reaching the end of its
operational life and has limited data capacity.
It will be connected to the
EllaLink cable system currently being laid between Brazil and Portugal that is
linked to the Cabo Verde archipelago and allows Cabo Verde Telecom services to
benefit from the new connection to Europe and Latin America.
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