Bata: The African Development Bank Group and the Republic of Equatorial Guinea have inked a significant £58.61 million financing agreement to launch the first phase of the Project to Strengthen Human Capital in Support of Economic and Social Inclusion (PARCH 1). This development comes as a pivotal move to bolster youth inclusion and employment within the nation.

According to African Press Organization, the agreement was signed by 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. This 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 training programs, thereby increasing employment opportunities for young women and men. The initiative aims to empower the private sector to spearhead economic growth in Equatorial Guinea. Obiang Eyang highlighted the strategic importance of the financing, emphasizing the development of skills in promising sectors to establish a diversified economy that can create sustainable opportunities for all citizens.

The total cost of the project amounts to £73.27 million, with a counterpart contribution of £14.65 million provided by the government of Equatorial Guinea. As of late August 2025, the Bank Group’s portfolio in Equatorial Guinea includes five operations and six instruments with total net commitments of approximately £85.6 million. This includes 65% allocated for agriculture, 34% for governance, 0.69% for IT and communications, and 0.55% for the energy sector.