The Blue Economy has emerged as a strategic pillar for the sustainable development of Cape Verde, an archipelago whose vast maritime extension represents more than 99% of its territory. In this context, the PROMEB II Technical Assistance Programme, led by the Pro Company in partnership with the Food and Agriculture Organisation of the United Nations (FAO) and funded by the Spanish Agency for International Development Cooperation (AECID), plays a crucial role in promoting entrepreneurial initiatives and boosting innovative businesses in the sector.
PROMEB II is designed to support entrepreneurs and start-up companies with less than two years of activity, providing targeted technical assistance and training to foster the creation of sustainable projects in the area of the Blue Economy. This programme aims not only to stimulate economic growth, but also to strengthen the sustainable management of marine resources, in line with global conservation and sustainable development goals.
Through initiatives such as PROMEB II, Cape Verde has been consolidating its position as a model for the transition to an economy based on the responsible use of ocean resources. This endeavour is complemented by other strategic actions, such as the “Cape Verde, Sustainable Ports and the Blue Economy” project, funded by the European Investment Bank within the framework of the "Cape Verde, Sustainable Ports and the Blue Economy" programme. European Union Global Gateway Strategy. These initiatives reinforce the importance of an integrated approach to maximising economic and social benefits while minimising environmental impacts.
This report examines how PROMEB II is boosting the Blue Economy in Cape Verde, highlighting its objectives, impacts and fundamental role in building a more sustainable future for the country and the African Atlantic region.
Contents
One of the main objectives of the Programme to Promote the Blue Economy in Cape Verde (PROMEB) is to enhance the archipelago's maritime identity and conserve the ecosystem services provided by marine and coastal resources. This approach places environmental sustainability at the centre of economic development strategies, promoting the preservation of marine and coastal ecosystems as the basis for sustainable growth. The programme prioritises the protection of marine biodiversity, which is essential for maintaining the ecosystem services that sustain economic activities such as fishing, tourism and maritime transport.
In addition, PROMEB promotes the mapping of marine and coastal habitats, contributing to the creation of integrated data that supports the formulation of evidence-based public policies. This effort is essential to mitigate the impacts of climate change and the overexploitation of marine resources, guaranteeing Cape Verde's environmental and economic resilience. (FAO and the Government of Cape Verde).
PROMEB adopts an integrated, multi-sectoral approach to facilitate the transition to a sustainable blue economy. This model includes the contractualisation of commitments between different levels of governance, from the islands to the state, promoting inter-institutional and inter-sectoral collaboration. The creation of multi-scalar planning documents makes it possible to align local and national development strategies, maximising the benefits for coastal communities and the country as a whole.
An example of this approach is the prioritisation of policies that promote social inclusion and the participation of local communities, especially women and fishermen, in the transition process to the blue economy. These initiatives aim to ensure that the economic and social benefits are distributed equitably, reducing inequalities and promoting the empowerment of the most vulnerable populations. (PROMEB).
Another significant impact of PROMEB is the strengthening of analysis, monitoring and evaluation tools, which are essential for the sustainable management of marine and coastal resources. The programme invests in training and capacity building for stakeholders, including local communities, non-governmental organisations and government institutions, to increase their ability to implement and monitor initiatives related to the blue economy.
These tools include environmental monitoring systems to assess the state of marine and coastal ecosystems, as well as risk assessment models to identify and mitigate anthropogenic threats. Empowering local communities is also a priority, with training programmes that promote entrepreneurship and the adoption of sustainable practices in activities such as fishing and tourism. (FAO and Spanish Cooperation).
PROMEB introduces innovative financing and regulatory methods to facilitate the transition to the blue economy. These methods include the development of sustainable financing mechanisms, such as multi-donor trust funds, and the implementation of regulations that incentivise sustainable business practices.
For example, the programme promotes access to finance for small and medium-sized enterprises (SMEs) operating in sectors related to the blue economy, such as sustainable fishing and eco-tourism. These initiatives are complemented by policies that encourage the adoption of green technologies and responsible business practices, contributing to the creation of a more inclusive and resilient economy. (World Bank and UNWTO).
One of PROMEB's pillars is the promotion of entrepreneurship in the blue economy, with a focus on social inclusion and the empowerment of local communities. The programme supports the development of new businesses and value chains, offering training and access to financial resources for entrepreneurs in sectors such as fishing, tourism and aquaculture.
In addition, PROMEB emphasises the importance of creating decent, quality jobs, especially for women and young people, strengthening social cohesion and promoting inclusive economic development. These initiatives are key to transforming the blue economy into an engine of sustainable growth and social well-being in Cape Verde. (Ministry of the Sea and FAO).
Cape Verde has implemented innovative financial mechanisms to support entrepreneurs in the blue economy sector, most notably the so-called “Blue Bonds”. These financial instruments are designed to attract private investment in areas such as sustainable fisheries management and the development of resilient tourism infrastructure. The issuance of Blue Bonds makes it possible to mobilise private capital for projects that promote environmental sustainability and economic growth, while mitigating the impacts of climate change. (Ministry of Finance).
In addition, Cape Verde has sought to diversify funding sources through partnerships with global climate funds, such as the Green Climate Fund. This fund supports projects that promote responsible fishing practices and the conservation of marine ecosystems, ensuring the long-term sustainability of the blue economy. (Ministry of Finance).
PROMEB has played a central role in supporting SMEs operating in strategic sectors of the blue economy, such as aquaculture, ecotourism and maritime transport. This support includes facilitated access to credit lines with preferential conditions, promoting the adoption of sustainable technologies and business innovation. Unlike the existing content on “Promoting Entrepreneurship and Social Inclusion”, here the focus is on creating specific financial conditions for SMEs, such as reduced interest rates and extended payment periods, which have not been detailed previously. (World Bank).
In addition, the European Commission, through the BlueInvest platform, has offered coaching and mentoring to startups and SMEs in Cape Verde, helping them to improve their investment readiness. This initiative has already directly benefited more than 330 startups and scale-ups in the sustainable blue economy, mobilising more than 300 million euros in investments. (EU Reporter).
Cape Verde has been exploring public-private partnerships (PPPs) as a strategy to strengthen the blue economy. These partnerships have been instrumental in developing resilient coastal infrastructure and early warning systems, reducing the risks associated with natural disasters. Unlike the existing content on “Innovative Financing and Regulatory Methods”, this section highlights the role of PPPs in the implementation of large-scale projects, such as sustainable ports and environmentally friendly maritime transport systems. (Ministry of Finance).
The European Union has also contributed significantly to the development of the blue economy in Cape Verde, through initiatives such as the EU-Cape Verde Fisheries Agreement. This agreement promotes sustainable fishing and the protection of marine biodiversity, while boosting trade and local job creation. (EEAS).
Recent studies emphasise the need to strengthen the institutional framework for the blue economy in Cape Verde, proposing the creation of a technology park, a development agency and a scientific foundation. These infrastructures aim to promote innovation and knowledge transfer in areas such as marine biotechnology, aquaculture and ecotourism. This content is distinct from the existing one on “Strengthening Maritime Identity and Conserving Ecosystem Services”, as it focuses on creating an ecosystem to support innovation, rather than environmental preservation strategies. (Island Express).
The project “Strengthening National Capacities in the Field of Innovation and Research for the Promotion of the Blue Economy”, funded by the Spanish Agency for International Cooperation and Development (AECID), is a concrete example of this approach. This project includes the comparative analysis of international models and the adaptation of good practices to the Cape Verdean context. (Island Express).
The National Bank for Social Development (BNDES) has been promoting digitalisation and sustainability in the blue economy sector through specific credit lines, such as the “BNDES Mais Inovação” programme. This programme offers financing at reduced rates for projects that integrate digital technologies and sustainable practices. This content is complementary to the existing one on “Innovative Financing and Regulation Methods”, as it details specific digitalisation and decarbonisation initiatives that were not covered previously. (BNDES).
In addition, the BlueInvest Fund, managed by the European Investment Fund, provides 75 million euros to support innovative companies in the blue economy. This fund is a centrepiece in the transition to a carbon-neutral economy, in line with the objectives of the European Green Deal. (Agency for Development and Cohesion).
The Programme for the Promotion of the Blue Economy in Cape Verde (PROMEB) plays a crucial role in diversifying the archipelago's economy, reducing dependence on traditional sectors such as conventional tourism and artisanal fishing. PROMEB promotes the expansion of innovative and sustainable economic activities such as aquaculture, ecotourism and marine biotechnology. These initiatives not only increase economic resilience, but also create new employment and investment opportunities. Unlike existing content that addresses support for SMEs, this section focuses on sectoral diversification as a long-term strategy to mitigate economic and environmental risks. (PROMEB)
For example, the programme encourages the development of sustainable aquaculture projects, which use modern technologies to increase fish production without compromising marine ecosystems. In addition, PROMEB supports ecotourism initiatives that value local natural and cultural resources, promoting a more sustainable and differentiated tourist experience. These actions contribute to creating a more diversified economy that is less vulnerable to external shocks, such as the impacts of climate change.
One of PROMEB's main contributions to sustainable economic growth is the integration of local communities into blue economy value chains. The programme promotes the empowerment of fishermen, marine farmers and small entrepreneurs, offering technical training and access to financial resources. This approach not only improves productivity and product quality, but also ensures that the economic benefits are distributed equitably. (World Bank)
Unlike existing content that emphasises financial support for SMEs, this section highlights PROMEB's role in including vulnerable communities, such as women and young people, in sectors such as sustainable fishing and ecological tourism. For example, the programme encourages the creation of local cooperatives that allow small producers to negotiate better market conditions and increase their income. It also promotes the use of sustainable practices that minimise environmental impact, guaranteeing the preservation of natural resources for future generations.
PROMEB introduces innovative practices to improve efficiency in the use of resources and reduce waste generation in blue economy sectors. These practices include the implementation of circular economy technologies, such as the reuse of fisheries by-products for the production of organic fertilisers and aquaculture feed. (UNESCO)
While previous content has addressed the conservation of ecosystems, this section focuses on resource efficiency as a driver for sustainable economic growth. For example, PROMEB supports projects that use renewable energy in activities such as water desalination and the refrigeration of marine products, reducing operating costs and carbon emissions. These initiatives not only contribute to environmental sustainability, but also increase the competitiveness of Cape Verdean products on the international market.
PROMEB has been a catalyst for attracting private investment in strategic sectors of the blue economy. Through innovative financial instruments such as Blue Bonds, the programme mobilises resources for high-impact projects such as the construction of resilient tourism infrastructure and sustainable fisheries management. (Ministry of Finance)
While previous content has mentioned financing methods, this section specifically emphasises the impact of private investment on job creation and the strengthening of coastal infrastructure. For example, PROMEB facilitates public-private partnerships that enable the construction of modern harbours and fishing markets equipped with fish conservation and processing technologies. These infrastructures not only increase the efficiency of operations, but also create a more favourable environment for investment and economic development.
PROMEB encourages innovation and competitiveness in blue economy sectors by supporting research and the development of new technologies. These initiatives include funding start-ups that develop solutions to specific challenges, such as monitoring marine ecosystems and waste management. (eCycle)
Unlike existing content that addresses training and entrepreneurship, this section focuses on promoting innovation as a competitive differentiator. For example, the programme supports the creation of research centres and business incubators that promote the transfer of knowledge between universities, companies and local communities. These actions not only increase productivity and product quality, but also position Cape Verde as a regional leader in innovation in the blue economy.
The Programme for the Promotion of the Blue Economy in Cape Verde (PROMEB) has had a significant impact on the sustainable development of the archipelago by integrating environmental conservation, social inclusion and economic growth. Through a multi-sectoral approach, the programme reinforces the country's maritime identity, promotes the protection of marine and coastal ecosystems and encourages sustainable economic practices. These actions have been key to mitigating the effects of climate change and the overexploitation of natural resources, ensuring Cape Verde's environmental and economic resilience. In addition, PROMEB stands out for supporting the empowerment of local communities, with special attention to vulnerable groups such as women and young people, promoting equity and social empowerment. (FAO and the Government of Cape Verde).
Another important point is encouraging innovation and economic diversification, with a focus on sectors such as aquaculture, ecotourism and marine biotechnology. The programme also introduces innovative financing methods, such as Blue Bonds, and fosters public-private partnerships to attract strategic investments. These initiatives not only create new job opportunities and increase the competitiveness of Cape Verdean products, but also position the country as a regional model for a sustainable blue economy. The strengthening of infrastructures, digitalisation and the adoption of green technologies are also pillars that boost the efficiency and sustainability of economic activities. (Ministry of Finance).
In short, PROMEB is transforming the blue economy into an engine for inclusive and sustainable growth in Cape Verde. However, in order to consolidate the progress made, it is essential to continue investing in technical capacity building, technological innovation and strengthening international partnerships. These actions will ensure that the archipelago maintains its sustainable development path, ensuring economic, social and environmental benefits for future generations. (Island Express).
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