AfDB and Angola Launch $125 Million Youth Entrepreneurship Drive
The African Development Bank Group (AfDB), in partnership with the Government of Angola and the European Union, has launched a $125 million Youth Employment Project, known as the Crescer Project, to promote entrepreneurship and job creation among young Angolans.
The initiative aims to create more than 149,000 jobs, including 37,430 direct and 112,290 indirect opportunities. It will also support the growth of 10,400 micro, small and medium-sized enterprises (MSMEs) and 97 startups, while providing training for nearly 100,000 young people in areas such as digital technology, climate-smart agriculture, transport and renewable energy.
Speaking at the launch, Minister of Planning Victor Hugo Guilherme said the project is aligned with Angola’s Vision 2050 and the National Development Plan (PDN 2023–2027), which contribute to achieving the Sustainable Development Goals (SDGs).
The AfDB’s Executive Director for Angola, Mozambique, Namibia and Zimbabwe, Eugénio Maria Paulo, praised the Angolan government for prioritising youth empowerment. He noted that placing young people at the centre of national development demonstrates Angola’s commitment to building a sustainable future.
He added that supporting youth-led MSMEs along the Lobito Corridor will strengthen local economies and reduce rural-to-urban migration.
The project will be co-financed by the African Development Bank, which is contributing $79.08 million, the Angolan Government with $29.06 million, and the European Union providing $16.08 million. It will also inject $15 million to increase access to finance for startups and SMEs, with at least half of all beneficiaries being women.
The Crescer Project focuses on three key components: skills development, business acceleration and improved access to finance. It will also enhance institutional capacity and strengthen the business environment.
This initiative builds on Angola’s national programmes aimed at supporting entrepreneurship, export diversification and import substitution. It complements the Science and Technology Park project, jointly developed by the AfDB and the Angolan Government, which seeks to drive economic diversification through innovation and skills development.
The African Development Bank currently manages a $1.45 billion portfolio in Angola, covering sectors such as energy, water and sanitation, agriculture, finance and social development. Since it began operations in Angola in 1980, the Bank has approved cumulative loans and grants worth $3.36 billion, reaffirming its commitment to youth empowerment and inclusive economic growth.
