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The International Finance Corporation (IFC) will be contributing €20 million to the renovation and decarbonisation of seven airports in Cape Verde. This would give a big boost to the local tourism ridden by Covid-19 crisis and later the war in Ukraine, tourism will soon regain its attractiveness. 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.
The International Finance Corporation (IFC) will be contributing €20 million to the renovation and decarbonisation of seven airports in Cape Verde. This would give a big boost to the local tourism ridden by Covid-19 crisis and later the war in Ukraine, tourism will soon regain its attractiveness. 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).
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The 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.
