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The African Development Bank (AfDB) is investing USD 1.45 billion in development projects across Angola as the nation intensifies efforts to diversify its economy beyond oil, according to the Bank’s newly appointed Executive Director for Angola, Eugénio Maria Paulo.
Paulo—who oversees AfDB operations in Angola, Mozambique, Namibia, and Zimbabwe—announced the figures during a series of high-level meetings in Luanda this week. He met with Minister of Planning Victor Hugo Guilherme to review how AfDB-financed projects align with Angola’s National Development Plan and Vision 2050 Strategy. “The African Development Bank has proven itself to be more than a financial partner—it is a strategic ally in our nation’s transformation,” said Minister Guilherme.
The discussions highlighted the expanding role of public-private partnerships in driving job creation and sustainable growth. Paulo also engaged with officials from the ministries of Higher Education and Agriculture, senior budget authorities, and other development partners.
During his visit, Paulo attended the launch of the Crescer Project, a flagship youth employment programme aiming to generate 37,000 direct and 112,000 indirect jobs, with at least half reserved for young women. The initiative will also deliver digital and vocational training to 100,000 young people seeking work in the agriculture and transport sectors. Beyond job creation, Crescer will strengthen over 10,000 micro, small, and medium-sized enterprises (MSMEs) through financing, market access, and business support, while empowering 40 business development organisations.
Paulo also toured the AfDB-supported Science and Technology Park, a hub for innovation-driven industrial diversification. A recent USD 120 million joint investment by the AfDB, the Government of Angola, and the European Union is already energizing entrepreneurship along the Lobito Corridor, a vital regional trade route.
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Currently, the AfDB’s active portfolio in Angola spans energy, water and sanitation, agriculture, transport, finance, social development, and environmental sustainability. Since initiating operations in 1980, the Bank has approved over $3.36 billion in loans and grants for the country’s development.