By Ayomide Otitoju
The African Development Bank (AfDB) Group and the Republic of Equatorial Guinea have signed a €58.61 million financing agreement to implement the first phase of the Project to Strengthen Human Capital in Support of Economic and Social Inclusion (PARCH 1). The signing took place on 30 October 2025 in Bata.
Léandre Bassolé, AfDB Director for Central Africa, and Pedro Abeso Obiang Eyang, Deputy Minister for Finance and Budget and the Bank’s Alternate Governor for Equatorial Guinea, signed the agreement, marking the Bank’s first human development investment in the country in a decade.
The PARCH 1 project aims to enhance training quality and accessibility to improve youth employability, particularly for women, while positioning the private sector as a driver of economic growth. Nearly 2,000 young people—45% of them women—will benefit from the program, which targets the creation of 4,500 jobs and 500 youth- and women-led enterprises. It will also establish two polytechnic institutes in Mongomo and Luba, designed to meet international and climate-resilient standards.
The initiative includes private sector engagement through internship opportunities, business incubators, and dedicated entrepreneurship funds.
“This project bridges the gap between infrastructure development and the skills needed to transform it into sustainable wealth,” said Bassolé. “By training a skilled and enterprising workforce, Equatorial Guinea is creating the foundation for shared prosperity.”
Obiang Eyang described the project as a “strategic investment in the future,” noting that it would help build a diversified and resilient economy driven by youth empowerment.
With a total project cost of €73.27 million, the Equatorial Guinean government will provide €14.65 million in counterpart funding.
As of August 2025, the AfDB’s active portfolio in Equatorial Guinea comprises five operations and six financial instruments totaling €85.6 million, focused primarily on agriculture (65%), governance (34%), ICT (0.69%), and energy (0.55%).
