VINCI Airports has finalized the financial arrangements to take over seven airports in Cape Verde under a concession agreement signed with the island country’s government a year ago.

The French company will be responsible for the funding, operation, maintenance, extension and modernization of the airports for the next 40 years, alongside its subsidiary ANA-Aeroportos de Portugal, which holds 30% of the concession company Cabo Verde Airports.

“We are proud of the confidence placed in us by the Cape Verdean government, which has entrusted VINCI Airports with the responsibility of supporting the country’s growth in tourism while ensuring the environmental transformation of airports,” says Nicolas Notebaert, CEO of VINCI Concessions and president of VINCI Airports.

Cape Verde is an archipelago in the central Atlantic Ocean that welcomed 2.2 million passengers in 2022, approximately 80% of the total in 2019. The agreement becomes VINCI’s first concession in Africa and increases its portfolio to 72 airports in 13 countries. The company says it aims to open new routes by promoting the country’s leisure attractions to tourists.

According to data provided by OAG Schedules Analyser, Praia Nelson Mandela International Airport is Cape Verde’s largest airport by capacity in July 2023, accounting for 33.7% of departure seats. Sal Amilcar Cabral International Airport is second on 33.5%, followed by Boa Vista Aristides Pereira International Airport on 18%.

The nation’s four other airports are São Vicente Cesária Évora Airport, São Filipe Airport, Maio Vila Do Maio Airport and São Nicolau Preguica Airport, which account for about 10.5%, 2.8%, 0.8% and 0.8% of capacity, respectively.

VINCI secured €60 million ($66 million) in financing, maturing over 20 years, from the International Finance Corporation, Proparco and DEG to complete the deal. The sustainability-linked financing is related to the objectives of progressively reducing carbon dioxide emissions and obtaining Airport Carbon Accreditation certification.