CAPE VERDE: IFC grants €20m to renovate and decarbonise 7 airports
At a time when the Covid-19 crisis and the war in Ukraine are undermining tourism in Cape Verde, a loan from the International Finance Corporation (IFC) will enable the archipelago of 587,000 inhabitants to enhance the economic and environmental competitiveness of seven airports.
In Cape Verde, tourism will soon regain its attractiveness. The International Finance Corporation (IFC) will be contributing €20 million to the renovation and decarbonisation of seven airports. The private sector financing arm of the World Bank Group will grant the funds to Cape Verde Airports, a subsidiary of the French group Vinci Airports, which operates airport hubs around the world.
Initially, the project will involve revamping three national and four international airports, including that of the capital Praia, which came into service in 2005 and serves an average of 1,300 passengers per hour. The IFC funding will also be used to reduce the carbon footprint of air traffic in this archipelago of 10 islands (Brava, Fogo, Santiago, Maio, Boa Vista, Sal, São Nicolau, Santa Luzia, São Vicente and Santo Antão).
Sustainability takes off
To this end, work will focus on improving public lighting with LED bulbs deemed more energy-efficient and installing solar kits. Ultimately, these energy-saving measures should enable the seven targeted airports to obtain “Airport Carbon Accreditation” certification, awarded by a group of 117 independent auditors from the European Commission and the United Nations Environment Programme (UNEP), among others.
“This first-ever sustainability loan to a Cape Verdean company is designed to facilitate the achievement of environmental, social and governance (ESG) criteria through pricing incentives. We are fully committed to supporting Cape Verde as a major tourism destination in sub-Saharan Africa and to fully exploiting its growth potential,” says Olivier Buyoya, IFC Regional Director for West Africa.
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