The African Development Bank (AfDB) is currently investing $1.45 billion in 16 ongoing projects in Angola as part of efforts to support the country’s economic diversification beyond oil dependency. The announcement was made by Eugénio Maria Paulo, the Bank’s newly appointed Executive Director for Angola, Mozambique, Namibia, and Zimbabwe, during high-level meetings held in Luanda. His visit aimed to review the alignment of the Bank’s programs with Angola’s National Development Plan and Vision 2050 Strategy.
During his meeting with Planning Minister Victor Hugo Guilherme, both sides reaffirmed the strategic partnership between Angola and the AfDB. Minister Guilherme praised the Bank for being more than just a financial partner, describing it as a “strategic ally” in Angola’s national transformation. The discussions also underlined the critical role of public-private partnerships in accelerating the country’s economic growth and advancing its diversification agenda.
Throughout his visit, Paulo met with ministers of Higher Education and Agriculture, senior budget officials, and various development partners to strengthen cooperation. He also attended the launch of the Crescer Project, a flagship youth employment initiative aimed at creating 37,000 direct and 112,000 indirect jobs, with at least half targeted for young women. The project will provide digital and vocational training to 100,000 young people, particularly those seeking careers in agriculture and transportation.
In addition to job creation, the Crescer Project will support over 10,000 micro, small, and medium enterprises by improving access to financing, markets, and business growth opportunities. It will also strengthen 40 business support organizations, further contributing to entrepreneurship and private sector expansion in Angola.
Paulo’s itinerary included a visit to the Science and Technology Park, an AfDB-backed project that promotes economic diversification through innovation and research. He also reviewed a $120 million joint investment between the African Development Bank, the Angolan government, and the European Union that supports entrepreneurship along the Lobito Corridor—a strategic trade route enhancing regional connectivity and commerce.
The AfDB’s current Angola portfolio spans sectors including energy, water and sanitation, agriculture, transport, finance, environment, and social programs. Since initiating operations in Angola in 1980, the Bank has approved loans and grants totaling approximately $3.36 billion, reaffirming its long-term commitment to the country’s inclusive and sustainable development.
