CV Airports II (IFC-51098)

Countries
  • Cape Verde
Geographic location where the impacts of the investment may be experienced.
Specific Location
Sal, Boa Vista, Santiago (Praia), Sao Vincente, Sao Filipe, Sao Nicolau and Maio
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Oct 23, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Cabo Verde Airports S.A.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Infrastructure
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 69.71 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 60
Converted using 2025-10-23 exchange rate.
Project Cost (USD)
$ 335.77 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 289
Converted using 2025-10-23 exchange rate.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Oct 25, 2025

Disclosed by Bank Sep 8, 2025

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the Project consists of the financing of the second development phase of the seven airports in Cabo Verde currently operated by VINCI-owned Cabo Verde Airports S.A. (CVA or the Concessionaire) under a 40-year concession (the Project or Phase 1-B). CVA took over the airports' operations from the former public operator ASA on 24-Jul-2023, upon the achievement of Concession Commencement Date (CCD) under the Project's Concession Agreement (CA) signed between CVA and the government of Cabo Verde (GoCV or the Grantor) on 18-Jul-2022. At CCD, CVA launched the first development phase for the airports (Phase 1-A). Phase 1-B was triggered under the CA on 2-Jan-2025 (the Investment Trigger Date), after the airports' annual traffic of 3.0 million pax in 2024 exceeded the level of 2.8 million pax reached in 2019 before the COVID-19 pandemic. The scope for Phase 1-B includes works to improve and expand passenger terminals, the extension of the runway at one of the international airports, and environment-related investments to optimize utility costs.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

This is a Category B project based on IFC’s Policy on Environmental and Social Sustainability. IFC’s review concluded that the E&S risks and impacts associated with this project are limited, site-specific, and can be readily addressed through generally accepted mitigation measures described in this document and in the ESAP. 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The Project's total cost for Phase 1-B is estimated at EUR289 million (out of which (a) EUR45 million for the second instalment of the upfront concession fee to the government of Cabo Verde and (b) EUR173 million for the estimated EPC cost). IFC's proposed investment is an IFC sustainability linked A loan of up to EUR60 million and the provision of interest rate swaps covering part of the loan amount.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

VINCI Airports S.A.S. (VA) and ANA - Aeroportos de Portugal S.A. (ANA) own 70% and 30% of Cabo Verde Airports S.A., respectively. Headquartered in Paris, VA is the largest airport operator globally, with 72 airports in 2024 across Europe, South Asia, Latin America, North America, and Africa, and handling 318 million pax in 2024. ANA, a 100% subsidiary of VA, is Portugal's lead airport operator, with 10 airports under concession.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Cabo Verde Airports S.A. Client -
- - - - VINCI Airports SAS Undisclosed -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Vinci Concessions
Louis Anquetil
Structured Finance Senior Project Manager
+33 (0)1 57 98 61 35
Louis.anquetil@vinci-concessions.com
1973 Boulevard de La Defense, 92000 Nanterre, France
https://www.vinci-concessions.com/

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works