Luanda: The African Development Bank (AfDB), in partnership with the Government of Angola and the European Union, has initiated a $125 million Youth Employment Project, known as the Crescer Project, aimed at fostering entrepreneurship and job creation among the youth in Angola. The initiative targets the creation of over 112,000 indirect jobs, the development of more than 10,000 micro, small, and medium-sized enterprises (MSMEs) and startups, and the enhancement of skills development in key sectors such as agriculture, aquaculture, transport, and renewable energy.
According to African Press Organization, Angolan Minister of Planning Victor Hugo Guilherme emphasized the project's strategic alignment with "Angola Vision 2050" and the "PDN 2023-2027," which contribute to the achievement of the Sustainable Development Goals (SDGs). The Crescer Project is designed to bolster the national planning system, public-private partnerships, and public investments, which are essential drivers of economic growth.
The project builds on the progress made under the government's flagship programs aimed at supporting entrepreneurship and formalizing the economy. It aims to generate a total of 149,720 jobs, including 37,430 direct positions, and train 97,569 young individuals in areas such as digital technologies, climate-smart agriculture, and transportation. The initiative will also accelerate the growth of 10,400 MSMEs and provide business development services to 385 MSMEs and 97 startups. Additionally, it will strengthen the capacity of 40 business support organizations and inject up to $15 million to increase access to finance, ensuring that at least 50 percent of the beneficiaries are women.
The Crescer Project comprises three primary components: demand-driven skills development, business acceleration, and enhanced access to finance. These components are designed to strengthen the operational environment and develop the capacity of relevant institutions to deliver efficient services.
This initiative complements the ongoing Science and Technology Park project, a collaboration between the African Development Bank and the Government of Angola, which aims to contribute to the country's economic diversification through scientific and technological innovation. The Science and Technology Park is scheduled for completion in November 2025 and will include the financing of scholarships in scientific and technological subjects from higher education up to the doctorate level for young Angolans.
The African Development Bank's commitment to Angola includes a portfolio of 16 ongoing operations with a total commitment of $1.45 billion, spanning sectors such as energy, water and sanitation, transportation, agriculture, finance, social, and environment. Since 1980, the bank has approved cumulative loan and grant commitments totaling $3.36 billion in Angola.