Abidjan, Sept. 30, 2025 (Lusa) - The African Development Bank (AfDB) has approved a €73 million loan to Equatorial Guinea for a project aimed at improving training and increasing employment for young people, the institution announced.
The AfDB will finance the first phase of the country's Human Capital Development Project in Support of Economic and Social Inclusion (PARCH 1), which is a five-year project (2025-2030), where two provincial polytechnic institutes, to be established in Bioko Sur and Wele-Nzas, will provide training geared towards key sectors such as agriculture, fisheries and tourism.
According to the bank's statement, released on Monday, PARCH 1 aims to "improve vocational training to align with high-growth value chains, promote youth and women's employment by improving the entrepreneurial ecosystem and promoting economic, social and territorial inclusion", and "strengthen project management and partnerships".
"The successful implementation of PARCH 1 is expected to create 4,500 jobs for young people and women, support the launch of 500 businesses - most of them led by young people and women - and provide training and job placement opportunities for 1,935 beneficiaries," said the bank's head for Central Africa, Léandre Bassolé.
According to the statement, the AfDB's support for the project will also help reduce unemployment and underemployment, improving economic inclusion and boosting social stability.
Equatorial Guinea, a member country of the Community of Portuguese Language Countries (CPLP), currently has a youth unemployment rate of 23.5%, which is particularly high among women (26.7%), according to the AfDB.
The bank also estimates that 16.5% of young people are unemployed, untrained or have dropped out of school.
The education system and technical and vocational training in the country, which is ruled by a dictatorial regime, have been subject to budgetary constraints, receiving less than 2% of national resources.
On 30 August, AfDB financing in Equatorial Guinea comprised six projects valued at €85 million.
In addition to Equatorial Guinea, Angola, Brazil, Cabo Verde, Guinea-Bissau, Mozambique, Portugal, São Tomé and Príncipe, and Timor-Leste are also members of the CPLP.
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