The African Development Bank Group (https://AfDB.org), in partnership with the Government of Angola and the European Union, has launched a $125 million Youth Employment Project (Crescer Project) to spur entrepreneurship and job creation among young Angolans.
The project will create more than 112,000 indirect jobs, support the growth of over 10,000 micro, small, and medium-sized enterprises (MSMEs) and startups, and expand skills development in key sectors, including agriculture, aquaculture, transport, and renewable energy.
Minister of Planning Victor Hugo Guilherme underscored the strategic alignment of the project with the “Angola Vision 2050” and the “PDN 2023-2027” which contributes to the achievement of the Sustainable Development Goals (SDGs).
Speaking at the launch, the African Development Bank’s Executive Director for Angola, Mozambique, Namibia, and Zimbabwe, Eugénio Maria Paulo, praised the government’s commitment to youth empowerment.
“We commend the Angolan government for taking such a decisive step toward investing in young people. By placing youth at the center of national development, the government sends a powerful message: that young people will build Angola’s future,” he said, adding that supporting MSMEs and startups led by young people along the Lobito Corridor stimulates local economies and reduces the pressure of rural-urban migration.
The project will be co-financed by the African Development Bank ($79.08 million in sovereign credit), the Angolan Government ($29.06 million), and the European Union ($16.08 million).
The Crescer Project will strengthen the national planning system, public-private partnerships, and public investment, all of which are key drivers of economic growth.
The Project builds on the progress achieved under the government’s flagship programs to support entrepreneurship and the formalization of the economy, namely the Program to Support Production, Diversification of Exports, and Substitution of Imports.
It will create 149,720 jobs (37,430 direct and approximately 112,290 indirect); train 97,569 young people (in digital technologies, climate-smart agriculture, and transportation); expand and accelerate the growth of 10,400 MSMEs; provide Business Development Services to 385 MSMEs and 97 startups; strengthen the capacity of 40 business support organizations; and inject up to $15 million to increase access to finance. At least 50 percent of the beneficiaries will be women.
The Crescer Project comprises three key components: demand-driven skills development, business acceleration, and enhanced access to finance, along with an enabling environment and institutional capacity. These components strengthen the operational environment and develop the capacity of relevant institutions to deliver efficient services.
This intervention complements the ongoing Science and Technology Park project, developed through a partnership between the African Development Bank and the Government of Angola, the objective of which is to contribute to the country’s economic diversification, through scientific and technological innovation, with the construction of the Science and Technology Park (with completion scheduled for November 2025) and the financing of scholarships in scientific and technological subjects from higher education up to doctorate for young Angolans.
This effort reinforces the commitment of the African Development Bank and the Government of Angola to boost the country’s economic diversification through strategic investments in youth, employability, and entrepreneurship.
The African Development Bank has a portfolio of 16 ongoing operations in Angola, with a total commitment of $1.45 billion, covering the following sectors: energy (36.4 percent); water and sanitation (17.08 percent); transportation (0.17 percent), agriculture (14.1 percent), finance (20.15 percent), social (11.63 percent), and environment (0.3 percent).
Since beginning its operations in Angola in 1980, the African Development Bank has approved cumulative loan and grant commitments totaling $3.36 billion. Enditem
Source: APO
Share Us
