MIL Africa Engine

Source: APO

The African Development Bank Group (www.AfDB.org) and the Republic of Equatorial Guinea signed a €58.61 million financing agreement on 30 October 2025 in the city of Bata for implementation of the first phase of the Project to Strengthen Human Capital in Support of Economic and Social Inclusion (PARCH 1).

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, signed the agreement, which marks the Bank’s first investment in the country’s human development sectors for 10 years.

The PARCH project aims to improve the quality and availability of training to increase access to employment for young women and men in Equatorial Guinea, helping the private sector to lead economic growth in the country.

The first phase of the project includes training for nearly 2,000 young people, of whom 45% are women, and the creation of 4,500 jobs, the establishment of 500 businesses run by young people and women, and the construction of two polytechnic institutes in the provincial cities of Mongomo and Luba that meet international standards and climate sustainability criteria. The project will also mobilise the private sector through internship opportunities for trained young people, the creation of incubators, and funds to support entrepreneurship.

“This project bridges the gap between the infrastructure built over the last few decades and the skills that are needed to bring it to life, maintain it, and transform it into sustainable wealth. By training a skilled and enterprising young workforce, Equatorial Guinea is creating the conditions for shared prosperity, where knowledge becomes the country’s primary resource,” said Bassolé.

“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,” Obiang Eyang added.

The project with total cost of €73.27 million will be part financed by a counterpart contribution of €14.65 million from the government of Equatorial Guinea. 

As of 30 August 2025, the Bank Group’s current portfolio in Equatorial Guinea comprises five operations and six instruments with total net commitments of approximately €85.6 million, of which 65% for agriculture (including fisheries), 34% for governance, 0.69% for IT and communications (ICT), and 0.55% for the energy sector.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Media contact:
Solange Kamuanga-Tossou
Communications and External Relations Department
African Development Bank
email: media@afdb.org

Source: APO

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Malam Sambu, Minister of Natural Resources of Guinea‑Bissau, has been confirmed as a speaker at the MSGBC Oil, Gas & Power 2025 Conference and Exhibition – taking place 8‑10 December 2025 in Dakar, Senegal. Minister Sambu’s participation comes as the country expands energy, power and mining projects and is expected to unlock new opportunities for regional collaboration.    

Given its strategic proximity, Guinea-Bissau holds significant potential for hydrocarbon development. The country lies within the MSGBC Basin, where the Bissau segment alone is estimated to contain over 1.1 billion barrels of potential oil reserves. Currently, Dubai-based oil company Apus Energy is conducting offshore exploration activities in Guinea-Bissau. In September 2024, Apus drilled the Atum‑1X well — the country’s first offshore test in nearly two decades — with an estimated 314 million barrels of recoverable oil potential.   

Apus Energy entered Guinea‑Bissau’s upstream sector by acquiring a 100% stake in the Sinapa (Block 2) and Esperança (Blocks 4A and 5A) licenses from Spanish oil and gas company Petronor. Together, the licenses span 4,962 km² and feature two principal prospects – Atum and Anchova – with a combined estimated 467 million barrels of unrisked prospective resources. Ongoing drilling is expected to improve geological understanding of the country’s offshore basins, supporting future development opportunities.  

In a further boost for the country’s hydrocarbon landscape, Guinea‑Bissau has advanced strategic partnerships with global counterparts. In 2024, the country deepened its cooperation with Russia in the fields of oil exploration and bauxite mining, signaling a drive to enhance its resource base and build local capacity in core resource sectors. The country is also advancing policy work in the oil and gas segment, having begun to develop a cooperation framework with Azerbaijan to explore upstream potential.  

In addition to hydrocarbons, Guinea‑Bissau is expanding regional power integration. The country recently joined a sub-regional electricity network, establishing a connection with Senegal, The Gambia and Guinea-Conakry. Coordinated by the Organization pour la mise en valeur du fleuve Gambie, the integration addresses chronic power shortages by allowing Guinea‑Bissau to draw up to 80 MW from the regional grid. The network is primarily supplied by the 240 MW Kaléta hydroelectric plant.  

Minister Sambu’s participation at the upcoming MSGBC Oil, Gas & Power 2025 conference builds on these milestones to deepen both regional ties and global partnerships. His participation reflects Guinea-Bissau’s commitment to working with its neighbors to advance energy and mining projects, paving the way for new deals to be signed.  

“Guinea-Bissau is a country rich in energy and minerals – resources which are largely under-developed. The country’s willingness to work with regional partners and drive to attract foreign investment is expected to unlock a wealth of investment opportunities. Minister Sambu’s participation at MSGBC Oil, Gas & Power 2025 offers investors a unique opportunity to gain first-hand insight into Guinea-Bissau’s emerging resource and energy strategies,” said Sandra Jeque, Project Director, Energy Capital & Power.  

Explore opportunities, foster partnerships and stay at the forefront of the MSGBC region’s oil, gas and power sectors, taking place under the theme Energy, Petroleum and Mining in Africa: Synergy for Inclusive Economic Development.  Visit www.MSGBCOilGasAndPower.com to secure your participation at the MSGBC Oil, Gas & Power 2025 conference. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com. 

Distributed by APO Group on behalf of Energy Capital & Power.