The board of directors of the African Development Bank (AfDB) Group has approved a $79.08 million loan to the Republic of Angola to promote youth employment and entrepreneurship in the transportation and agriculture sectors.
This major bank investment will account for approximately 64% of the $124.68 million Angola Youth Employment Project (AYEP). The remaining financial support will be supplied jointly by the Angolan government (23.3%) and the private sector (0.4%).
The AYEP, which will run for five years from 2025 to 2029, is intended to develop demand-driven digital, technical, environmental, and entrepreneurial skills among young Angolans. It aims to boost creativity and innovation, improve start-ups’ access to creative finance, and create a more favourable business environment.
The main project goal is to teach over 95,000 young people about digital technologies and technical and vocational education and training (TVET) for climate-smart agriculture and transportation. This programme is consistent with Angola’s National Development Plan for 2023–2027, which aims to foster a sustainable, diverse, and inclusive economy that is less reliant on oil earnings.
The group’s Country Manager for Angola, Pietro Toigo, highlighted the project’s strategic importance, saying that the bank is deeply committed to supporting Angola in its process of economic diversification.
“Our newly approved strategy identifies agriculture as the engine of growth in Angola, complemented by investment in sustainable infrastructure. This project will ensure that youth and women are not left behind by the process of economic transformation but are equipped to compete in the labour market to secure decent jobs,” Mr. Toigo said.
The project will be implemented in eight provinces – Luanda, Huíla, Huambo, Benguela, Cabinda, Cuanza Sul, Bié, and Malanje. These districts are known for their strong agricultural potential, with several located in the Lobito Corridor, which has emerging processing facilities and training institutions.
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