AfDB, EU, Angola unveil $125m youth project to create 150,000 jobs

The African Development Bank (AfDB), in partnership with the Government of Angola and the European Union, has launched a $125 million youth employment initiative that promises to create nearly 150,000 jobs and expand opportunities for young entrepreneurs.

• The African Development Bank, Angola, and the EU have launched the $125m Crescer Project to boost youth employment.
• The initiative targets 150,000 new jobs and will support 10,000 MSMEs and startups across Angola.
• Over 98,000 young people will receive training in digital tech, climate-smart agriculture, and transport.
• Half of the beneficiaries will be women, as the project injects $15m into financial inclusion efforts.

Unveiled in Luanda on Tuesday, October 21, the Crescer Project aims to produce 37,000 direct and 112,000 indirect jobs while boosting over 10,000 micro, small, and medium enterprises (MSMEs) and startups across the country.

The project also plans to train 98,000 young people in digital technologies, transport logistics, and climate-smart agriculture, skills increasingly vital to Africa’s growing innovation economy.

“By placing youth at the centre of national development, the government sends a powerful message: that young people will build Angola’s future,” said Eugénio Maria Paulo, AfDB Executive Director for Angola, Mozambique, Namibia, and Zimbabwe.

The initiative aligns with Angola’s Vision 2050 and the National Development Plan (2023–2027), reinforcing the country’s broader goals of economic diversification and inclusive growth.

Empowering Africa’s next generation

Planning Minister Victor Hugo Guilherme described the project as a “strategic investment” in Angola’s human capital, noting that the program is designed to strengthen youth-driven enterprises and innovation.

The AfDB will contribute $79.08 million, the Angolan government $29.06 million, and the European Union $16.08 million to the project. About $15 million will be dedicated to financial inclusion initiatives, with half of the beneficiaries expected to be women.

The Crescer Project complements the Science and Technology Park, another AfDB-backed venture set for completion in November 2025, which will provide scholarships and boost STEM innovation.

Currently, the AfDB manages 16 active operations in Angola worth $1.45 billion, covering energy, agriculture, finance, and social sectors.

Since 1980, the Bank has approved over $3.36 billion in loans and grants to support Angola’s development, reaffirming its growing role in Africa’s youth empowerment and economic transformation agenda.