African Development Bank and Angola launch $125 million youth entrepreneurship initiative to drive job creation

The African Development Bank (AfDB), in partnership with the Government of Angola and the European Union, has launched the $125 million Crescer Project, aimed at boosting youth entrepreneurship, job creation, and economic diversification across Angola.

The initiative is expected to generate over 149,000 jobs, including more than 37,000 direct positions, and support the growth of 10,400 micro, small, and medium-sized enterprises (MSMEs) and startups. It will also provide training for nearly 100,000 young people in digital technology, climate-smart agriculture, and transport, with at least half of the beneficiaries being women.

Speaking at the launch, Eugénio Maria Paulo, the African Development Bank’s Executive Director for Angola, Mozambique, Namibia, and Zimbabwe, commended the government’s commitment to empowering youth.

“We commend the Angolan government for taking such a decisive step toward investing in young people. By placing youth at the centre of national development, the government sends a powerful message: that young people will build Angola's future,” he said.

He added that supporting MSMEs and startups along the Lobito Corridor would help stimulate local economies and curb rural-to-urban migration.

The Crescer Project, co-financed by the AfDB ($79.08 million), the Angolan Government ($29.06 million), and the European Union ($16.08 million), aligns with Angola Vision 2050 and the National Development Plan (PDN 2023–2027), supporting the country’s progress toward the UN Sustainable Development Goals (SDGs).

According to Minister of Planning Victor Hugo Guilherme, the project reinforces Angola’s strategic focus on sustainable development and economic diversification.

The initiative will also strengthen institutional capacity, improve public-private partnerships, and enhance access to finance—injecting up to $15 million into the local entrepreneurial ecosystem.

This latest effort builds on the AfDB’s ongoing collaboration with the Angolan government, including the Science and Technology Park Project, scheduled for completion in November 2025, aimed at promoting innovation and research-led economic growth.

The African Development Bank currently manages 16 projects in Angola worth $1.45 billion, spanning key sectors such as energy, water, agriculture, finance, and infrastructure, underscoring its long-term commitment to Angola’s inclusive and sustainable development.