Cape Verde's Submarine Cable Boosts Digital Ambitions

Deal News | Dec 10, 2024 | fitch media ventures

Cape Verde's Submarine Cable Boosts Digital Ambitions

Cape Verde is advancing its digital transformation via the construction of a new submarine cable system set to be operational by mid-2026. This development forms part of the country's Ambition 2030 program and is supported by a €37 million funding tranche from the European Investment Bank. The new infrastructure will replace six inter-island cables and enhance links to international submarine cables, thus facilitating the nation's 5G ecosystem and AI-driven applications. By enhancing connectivity, the project aims to position Cape Verde as a technological nexus for its less-connected neighbors in Western Africa. The country, which ranks within the higher tier of Sub-Saharan telecommunications, seeks to surpass regional limitations such as high internet costs and slow 5G adoption, ultimately fostering a more digitally robust economy.

Sectors

  • Telecommunications
  • Digital Transformation

Geography

  • Cape Verde – The main focus of the article is the digital transformation projects being undertaken in Cape Verde.
  • Western Africa – Cape Verde's submarine cable aims to enhance connectivity for underdeveloped markets in Western Africa.

Industry

  • Telecommunications – The article focuses on developing submarine cable systems to enhance Cape Verde's telecommunications infrastructure, supporting 5G and AI.
  • Digital Transformation – Efforts align with Cape Verde's Ambition 2030 to digitize and increase connectivity within and beyond its borders.

Financials

  • EUR37mn – Funding secured by the Cape Verde government from the European Investment Bank for cable construction.

Participants

NameRoleTypeDescription
Cape Verde GovernmentInitiatorGovernmentOverseeing Ambition 2030, digital transformation strategy, and infrastructure development.
European Investment BankFunding ProviderInstitutionFinanced Cape Verde's submarine cable construction with a €37 million investment.