IFC Provides €60M Sustainability-Linked Loan to Modernize Cabo Verde Airports

To strengthen air connectivity across Cabo Verde and improve infrastructure quality throughout its airport network, the International Finance Corporation (IFC) today announced a second sustainability-linked loan for Cabo Verde Airports S.A. (CVA), reinforcing tourism as a central driver of job creation and long-term economic growth.

The investment will support a major new phase of airport modernization designed to enhance passenger experience, operational efficiency, and environmental performance across the archipelago.

Expanding Capacity Across Seven Airports

Under this new three-year upgrade program, IFC will support CVA in expanding and modernizing Cabo Verde's network of:

• Four international airports

• Three domestic airports

The works will improve safety standards, increase capacity, and strengthen the country's domestic and international links.

Planned upgrades include:

• Terminal expansions

• New commercial areas

• Comprehensive infrastructure improvements at airports in Sal, Praia, São Vicente, São Filipe, São Nicolau, and Maio

• A runway extension at Boa Vista Airport

Sustainability at the Core of the Program

The second phase also includes new waste treatment and wastewater processing plants, strengthening environmental performance and aligning with the sustainability-linked financing structure.

The program supports Cabo Verde's Airport Carbon Accreditation objective, a globally recognized carbon management standard for airports.

IFC said the initiative demonstrates how infrastructure investments can deliver both economic and environmental outcomes.

€60 Million Loan Builds on 2023 Partnership

IFC will provide CVA with a loan of up to €60 million, building on an initial sustainability-linked investment announced in July 2023.

This financing reflects IFC's continued commitment to supporting sustainable tourism infrastructure in small island economies.

VINCI Airports: Modernization as a Benchmark for Growth

Nicolas Notebaert, President of VINCI Concessions and VINCI Airports, said the next stage represents a major step forward for Cabo Verde.

"The completion of this first phase and the launch of the next stage of airport modernization mark a significant advancement for Cape Verde," he said.

"We are proud to contribute to turning its airport infrastructure into a benchmark for economic growth and sustainable development."

Strengthening Connectivity and Inclusive Growth

Indira Campos, World Bank Group's Resident Representative for Cabo Verde, highlighted the broader development impact.

"The second phase of the seven-airport modernization program is a clear testament to what strategic partnerships can achieve," she said.

"This investment not only helps boost tourism and access to markets but also strengthens connections within the archipelago and externally to its vast diaspora."

Passenger Growth and New Routes Fuel Momentum

CVA, a subsidiary of VINCI Airports, has operated Cabo Verde's airport network under a 40-year concession since 2023.

The successful completion of the first modernization phase has already delivered measurable results:

• Passenger volumes have surged 60% since 2022

• 35 new routes have been opened

• The arrival of low-cost carriers has expanded travel options and boosted tourism

These developments have significantly enhanced mobility both within the islands and internationally.

Tourism: A Cornerstone of Cabo Verde's Economy

Tourism is the backbone of Cabo Verde's economy, representing:

• 25% of GDP

• Around 40% of overall economic activity

IFC said the investment reflects its broader strategy in Cabo Verde, focusing on:

• Tourism development

• Critical infrastructure upgrades

• Energy transition

• Expanding access to finance

Building a More Connected and Sustainable Future

With modernized airports, stronger environmental systems, and growing passenger demand, the IFC-backed program is expected to position Cabo Verde as a more competitive tourism destination while supporting inclusive growth and job creation across the archipelago.