AfDB, EU, and Angola Launch $125M Crescer Project to Spur Youth Entrepreneurship

In a major step toward empowering Angola's youth and accelerating inclusive economic growth, the African Development Bank Group (AfDB), in partnership with the Government of Angola and the European Union (EU), has launched the $125 million Youth Employment Project, known as the Crescer Project. The initiative aims to spur entrepreneurship, create jobs, and strengthen skills development for young Angolans, marking a transformative moment in the country's long-term vision for sustainable growth and social inclusion.

A Transformative Investment in Angola's Youth

The Crescer Project will directly and indirectly create nearly 150,000 jobs—including 37,430 direct and about 112,290 indirect jobs—and support the growth of more than 10,400 micro, small, and medium-sized enterprises (MSMEs). It also seeks to train nearly 97,569 young people in emerging and strategic sectors such as digital technology, climate-smart agriculture, aquaculture, renewable energy, and transportation.

The project's total investment of $125 million will be co-financed by the African Development Bank ($79.08 million in sovereign credit), the Government of Angola ($29.06 million), and the European Union ($16.08 million). This collaboration underscores the shared commitment of all partners to reduce unemployment, enhance economic diversification, and build a resilient, youth-driven economy in Angola.

Alignment with Angola's National Development Agenda

At the project's official launch, Minister of Planning Victor Hugo Guilherme emphasized the Crescer Project's strategic alignment with "Angola Vision 2050" and the National Development Plan (PDN 2023–2027). Both frameworks prioritize economic diversification, job creation, and sustainable growth, contributing directly to the United Nations Sustainable Development Goals (SDGs).

"The Crescer Project is a cornerstone for achieving Angola's long-term vision of prosperity, inclusion, and sustainable growth. It empowers our youth while reinforcing our national objectives," Minister Guilherme said.

AfDB Praises Angola's Youth-Centric Approach

Speaking at the event, Eugénio Maria Paulo, the African Development Bank's Executive Director for Angola, Mozambique, Namibia, and Zimbabwe, praised the Angolan government's leadership in placing young people at the heart of national development.

"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," said Paulo.

He added that empowering youth-led MSMEs and startups along strategic economic corridors—such as the Lobito Corridor—would stimulate local economies and reduce rural-to-urban migration, promoting more balanced regional growth.

Empowering Entrepreneurs and Expanding Access to Finance

A defining element of the Crescer Project is its comprehensive support for entrepreneurship and MSMEs. The initiative aims to expand and accelerate the growth of 10,400 small businesses, provide business development services to 385 MSMEs and 97 startups, and strengthen the capacity of 40 business support organizations across Angola.

Moreover, the project will inject up to $15 million to improve access to finance, particularly for youth- and women-led enterprises. Importantly, at least 50 percent of the beneficiaries will be women, reaffirming the partners' commitment to gender-inclusive economic development.

Three Core Components Driving Change

The Crescer Project is structured around three integrated components designed to maximize impact:

1. Demand-Driven Skills Development: Focused on building relevant skills in high-growth industries such as agriculture, renewable energy, logistics, and ICT to ensure employability and productivity.

2. Business Acceleration and Support: Establishing incubators, mentorship programs, and innovation hubs to nurture startups and MSMEs through financial and technical assistance.

3. Enhanced Access to Finance and Institutional Capacity: Expanding funding mechanisms, strengthening public-private partnerships (PPPs), and improving national systems to sustain long-term economic growth.

These components work together to enhance institutional capacity, promote policy coherence, and foster an enabling business environment that encourages innovation and investment.

Building on Angola's Economic Diversification Strategy

The Crescer Project builds on previous government programs that promote entrepreneurship, formalization of informal businesses, and diversification of exports. Specifically, it complements the Program to Support Production, Diversification of Exports, and Substitution of Imports (PRODESI)—a flagship initiative aimed at boosting domestic production and reducing reliance on imports.

Additionally, the project complements the Science and Technology Park initiative, another joint effort between the AfDB and the Angolan government, which aims to promote scientific research and innovation. Scheduled for completion in November 2025, the park will serve as a hub for technological advancement and higher education scholarships, particularly for young Angolans pursuing studies in STEM fields.

AfDB's Continued Commitment to Angola's Development

The African Development Bank has maintained a strong partnership with Angola for over four decades. Since beginning its operations in the country in 1980, the Bank has approved $3.36 billion in cumulative loans and grants.

As of 2025, AfDB's active portfolio in Angola includes 16 ongoing operations worth $1.45 billion, distributed across key sectors:

• Energy (36.4%)

• Water and Sanitation (17.08%)

• Transportation (0.17%)

• Agriculture (14.1%)

• Finance (20.15%)

• Social Development (11.63%)

• Environment (0.3%)

This diversified investment strategy demonstrates the Bank's long-term commitment to Angola's inclusive and sustainable development, emphasizing job creation, financial empowerment, and environmental resilience.

Driving Economic Transformation Through Youth

The launch of the Crescer Project represents a crucial turning point in Angola's economic trajectory—anchoring youth employment, innovation, and entrepreneurship as central pillars of national progress.

By equipping young people with practical skills, improving access to finance, and enabling startups to thrive, the project seeks to transform Angola's demographic dividend into a powerful economic engine.

"Our collective goal is to make Angola's youth the architects of a diversified, sustainable, and competitive economy," said Paulo, reaffirming AfDB's commitment to empowering future generations.

As the project takes shape, it promises to inspire similar initiatives across Africa, reinforcing the role of strategic partnerships between governments, development banks, and international donors in shaping a more equitable and prosperous continent.