Bata: The African Development Bank Group and the Republic of Equatorial Guinea have formalized a £58.61 million financing agreement to initiate the first phase of the Project to Strengthen Human Capital in Support of Economic and Social Inclusion (PARCH 1). This agreement, signed in Bata, marks a significant investment in the country’s human development sectors, a first in a decade.
According to African Press Organization, 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, were the signatories of this agreement. The PARCH project is designed to enhance the quality and availability of training, thereby increasing employment opportunities for young men and women in Equatorial Guinea. The project aims to empower the private sector to drive economic growth.
“This financing represents a strategic investment in the future of our youth. By developing the skills of our young people in promising sectors, we are laying the foundations for a diversified and resilient economy that can create sustainable opportunities for all the people of Equatorial Guinea,” stated Pedro Abeso Obiang Eyang.
The total cost of the project is £73.27 million, with the government of Equatorial Guinea contributing £14.65 million. As of 30 August 2025, the Bank Group’s active portfolio in Equatorial Guinea includes five operations and six instruments, totaling approximately £85.6 million in net commitments. Of these, 65% is allocated to agriculture (including fisheries), 34% to governance, 0.69% to IT and communications (ICT), and 0.55% to the energy sector.