The African Development Bank Group and Equatorial Guinea sign €58 million financing agreement for youth inclusion and employment

 

The African Development Bank Group (www.AfDB.org) and the Republic of Equatorial Guinea signed a €58.61 million financing agreement on 30 October 2025 in the city of Bata for implementation of the first phase of the Project to Strengthen Human Capital in Support of Economic and Social Inclusion (PARCH 1).

Léandre Bassolé, Director of the African Development Bank for Central Africa, and Pedro Abeso Obiang Eyang, Deputy Minister for Finance and Budget and Alternate Governor of the Bank for Equatorial Guinea, signed the agreement, which marks the Bank’s first investment in the country’s human development sectors for 10 years.

The PARCH project aims to improve the quality and availability of training to increase access to employment for young women and men in Equatorial Guinea, helping the private sector to lead economic growth in the country.

The first phase of the project includes training for nearly 2,000 young people, of whom 45% are women, and the creation of 4,500 jobs, the establishment of 500 businesses run by young people and women, and the construction of two polytechnic institutes in the provincial cities of Mongomo and Luba that meet international standards and climate sustainability criteria. The project will also mobilise the private sector through internship opportunities for trained young people, the creation of incubators, and funds to support entrepreneurship.

“This project bridges the gap between the infrastructure built over the last few decades and the skills that are needed to bring it to life, maintain it, and transform it into sustainable wealth. By training a skilled and enterprising young workforce, Equatorial Guinea is creating the conditions for shared prosperity, where knowledge becomes the country’s primary resource,” said Bassolé.

“This financing represents a strategic investment in the future of our youth. By developing the skills of our young people in promising sectors, we are laying the foundations for a diversified and resilient economy that can create sustainable opportunities for all the people of Equatorial Guinea,” Obiang Eyang added.

The project with total cost of €73.27 million will be part financed by a counterpart contribution of €14.65 million from the government of Equatorial Guinea. 

As of 30 August 2025, the Bank Group’s current portfolio in Equatorial Guinea comprises five operations and six instruments with total net commitments of approximately €85.6 million, of which 65% for agriculture (including fisheries), 34% for governance, 0.69% for IT and communications (ICT), and 0.55% for the energy sector.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Media contact:
Solange Kamuanga-Tossou
Communications and External Relations Department
African Development Bank
email: media@afdb.org