Cape Verde and Spain sign 1.5 million euro agreement to boost the blue economy
Cape Verde and Spain have signed a 1.5 million euro agreement to support the development of the blue economy between 2025 and 2027. The funding will be used to promote good marine governance and the inclusion of coastal communities.
The governments of Cape Verde and Spain signed a memorandum of understanding worth 1.5 million euros this Wednesday in Praia to promote the development of the blue economy in the archipelago.
The agreement was signed by Cape Verde's Deputy Prime Minister and Minister of Finance, Olavo Correia, and the director of the Spanish Agency for International Development Cooperation (AECID), Antón Leis García, in a ceremony that marked another step in the historic and strategic partnership between the two countries.
"With this support, we will take concrete steps to consolidate the blue economy as a strategic vector for sustainable development, promoting good governance of our marine resources and creating inclusive opportunities for coastal communities," said Olavo Correia.
The funding will be non-refundable, and will be disbursed in three annual installments of 500,000 euros in the first semesters of 2025, 2026 and 2027. The support will be channelled directly into the Cape Verdean state budget, strengthening the national capacity to implement policies focused on the sea.
According to Antón Leis García, this memorandum reinforces a strong cooperation relationship between Cape Verde and Spain. "This initiative is geared towards concrete and measurable results and aims to demonstrate to other countries the importance of working together for sustainable development," said the AECID official.
Leis also underlined that the blue economy is essential for economic diversification and growth and that there will be a particular focus on the development of coastal communities, which depend directly on marine resources.
The memorandum represents more than a financial commitment: it is a clear sign of the mutual trust between the two countries and the recognition of the sea as the strategic foundation of Cape Verde's economic future.
