New AfDB Director Praises Angola’s $1.45bn Project Portfolio
The African Development Bank (AfDB) is financing $1.45 billion worth of development projects across Angola as the country accelerates efforts to diversify its economy beyond oil, the Bank’s newly appointed Executive Director for Angola has said.
Eugénio Maria Paulo, who recently assumed responsibility for Angola, Mozambique, Namibia and Zimbabwe, disclosed the figures during a series of high-level engagements in Luanda this week. He met with Minister of Planning Victor Hugo Guilherme to assess the alignment of AfDB projects with national priorities, including the National Development Plan and Angola’s Vision 2050 Strategy.
“The African Development Bank has proven itself as more than a financial partner, it is a strategic ally in our nation’s transformation,” Minister Guilherme said.
The talks underscored the growing role of public-private partnerships as a catalyst for job creation and economic growth. Paulo also held meetings with officials from the ministries of Higher Education and Agriculture, alongside senior budget authorities and development partners.
During the visit, Paulo attended the launch of the Crescer Project, a flagship youth employment initiative designed to create 37,000 direct jobs and 112,000 indirect opportunities, with at least half reserved for young women. The programme will also provide digital and vocational training to 100,000 young people seeking employment in the agriculture and transport sectors.
In addition, the project aims to boost more than 10,000 micro, small and medium-sized enterprises with financing, market access and business support, while strengthening 40 business development organisations.
Paulo also toured the AfDB-supported Science and Technology Park, a key hub for Angola’s innovation-led industrial diversification. A recent $120 million investment by the Bank, the Government of Angola and the European Union is already stimulating entrepreneurship along the Lobito Corridor, a major regional trade route.
The AfDB’s active portfolio in Angola currently spans energy, water and sanitation, agriculture, transport, finance, social programmes and environmental sectors. Since beginning operations in the country in 1980, the Bank has approved more than $3.36 billion in loans and grants.
