The African Development Bank Group, in partnership with the Government of Angola and the European Union, has launched a $125 million Youth Employment Project (Crescer Project) to spur entrepreneurship and job creation among young Angolans.
The project will create more than 112,000 indirect jobs, support the growth of over 10,000 micro, small, and medium-sized enterprises (MSMEs) and startups, and expand skills development in key sectors, including agriculture, aquaculture, transport, and renewable energy.
Minister of Planning Victor Hugo Guilherme underscored the strategic alignment of the project with the “Angola Vision 2050” and the “PDN 2023-2027” which contributes to the achievement of the Sustainable Development Goals (SDGs).
Speaking at the launch, the African Development Bank’s Executive Director for Angola, Mozambique, Namibia, and Zimbabwe, Eugénio Maria Paulo, praised the government’s commitment to youth empowerment.
“We commend the Angolan government for taking such a decisive step toward investing in young people. By placing youth at the center of national development, the government sends a powerful message: that young people will build Angola’s future,” he said, adding that supporting MSMEs and startups led by young people along the Lobito Corridor stimulates local economies and reduces the pressure of rural-urban migration.
According to a statement by the Bank, the Crescer Project will be co-financed by the African Development Bank ($79.08 million in sovereign credit), the Angolan Government ($29.06 million), and the European Union ($16.08 million).
The project will strengthen the national planning system, public-private partnerships, and public investment, all of which are key drivers of economic growth.
