04/11/2025
The African Development Bank Group and the Republic of Equatorial Guinea signed a €58.61 million financing agreement on 30 October 2025 in the city of Bata for implementation of the first phase of the Project to Strengthen Human Capital in Support of Economic and Social Inclusion (PARCH 1).
Léandre Bassolé, Director of the African Development Bank for Central Africa, and Pedro Abeso Obiang Eyang, Deputy Minister for Finance and Budget and Alternate Governor of the Bank for Equatorial Guinea, signed the agreement, which marks the Bank's first investment in the country's human development sectors for 10 years.
The PARCH project aims to improve the quality and availability of training to increase access to employment for young women and men in Equatorial Guinea, helping the private sector to lead economic growth in the country.
The first phase of the project includes training for nearly 2,000 young people, of whom 45% are women, and the creation of 4,500 jobs, the establishment of 500 businesses run by young people and women, and the construction of two polytechnic institutes in the provincial cities of Mongomo and Luba that meet international standards and climate sustainability criteria. The project will also mobilise the private sector through internship opportunities for trained young people, the creation of incubators, and funds to support entrepreneurship.
Source: African Development Bank Group (AfDB)