The African Development Bank 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 agreement, signed on 30 October 2025 in the city of Bata by Léandre Bassolé, the Bank’s Director for Central Africa, and Pedro Abeso Obiang Eyang, Deputy Minister for Finance and Budget, marks the Bank’s first investment in Equatorial Guinea’s human development sectors in a decade.
The PARCH project is designed to enhance the quality and accessibility of vocational training, helping young women and men gain the skills needed for employment. By fostering a skilled workforce, the initiative aims to boost private sector-led economic growth and support sustainable development across the country.
In its first phase, the project plans to train nearly 2,000 young people—45% of them women—create around 4,500 jobs, and support the establishment of 500 youth- and women-led businesses. It also includes the construction of two polytechnic institutes in Mongomo and Luba, built to meet international standards and climate resilience criteria. Additionally, the project will engage the private sector through internships, incubators, and entrepreneurship funds.
According to Léandre Bassolé, the initiative will bridge the gap between infrastructure development and the skilled workforce required to sustain economic transformation. Pedro Abeso Obiang Eyang emphasized that the project represents a strategic investment in the nation’s youth, paving the way for a diversified and resilient economy.
The total project cost is estimated at €73.27 million, with the government of Equatorial Guinea contributing €14.65 million. As of August 2025, the African Development Bank Group’s portfolio in the country includes five operations and six instruments totaling €85.6 million, focused primarily on agriculture, governance, ICT, and energy.
