Cabo Verde Telecom (CVT) has signed a new 20-year concession to continue delivering telecommunications services in Cape Verde.
The operator signed the agreement on 12th January 2022, and has agreed to invest CVE40 billion (US$414 million) across the duration of the concession. For comparison, over the past 25 years, the operator has invested CVE35.8 billion into its network and services.
The renewal of CVT’s concession was approved under decree-law 36/2021 on 14th April 2021. Its previous concession ended in late 2020, with the renewal process suffering numerous delays – including a nine month gap between the approval of the new concession and the contract being signed.
TeleGeography reports that state-owned CVT is obliged to pay Cape Verde’s government an annual fee of CVE41 million as part of its new concession.