Government launches Fundo Morabeza to boost startups and accelerate Cabo Verde's digital transformation

Praia, Oct 06 (Inforpress) – The Government launched today Fundo Morabeza, a financing instrument valued at EUR 24 million designed to boost startups and accelerate Cabo Verde's transformation into a digital nation.

Speaking to the press during the launch event in Praia, the Minister of Digital Economy, Olavo Correia, explained that this fund aims to help Cabo Verdean startups develop local solutions and export them globally.

“It also aims to attract digital nomads to Cabo Verde, helping build solutions that truly enable Cabo Verde to become a digital nation,” he highlighted.

This is anchored, as he underlined, upon a financially capable startup ecosystem focused on creating solutions for Cabo Verde and exporting to the African continent and the wider world.

“It represents another milestone in building a digital nation anchored in our youth, innovation, knowledge, talent, and entrepreneurial drive,” he stated.

Fundo Morabeza has a core budget of approximately EUR 24 million, and according to Olavo Correia, will be complemented by a broader EUR 60 million envelope from the European Union, with its most vital impact being felt in youth employment and the national economy.

“We have talent, capacity, and young entrepreneurs in need of financial impetus. That is what we are delivering, and I believe this will energize the startup ecosystem in Cabo Verde,” he remarked.

He called upon young innovators to access Fundo Morabeza and related ecosystem instruments deployed by the Government for the digital economy.

Tangible results are expected within one year, with active startups, market-ready products, and newly created jobs.

The event also featured the presentation of the Tiwa model, an integrated support framework providing training, scholarships, mentorship, technical assistance, product development support, and investment readiness.

Official Source: Inforpress – Cabo Verde News Agency.