The African Development Bank, AfDB has approved a $3 million project to support micro, small, and medium enterprises (MSMEs) in Equatorial Guinea. The grant aims to help the country diversify its economy by supporting MSMEs in various sectors.
The agreements for this project were signed in Malabo by AfDB, the Ministry of Finance, and the UN Development Programme (UNDP).
The grant is funded by the Fund for African Private Sector Assistance (FAPA), the Middle-Income Country Technical Assistance Fund (MICTAF), and the UNDP.
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Support for MSMEs in Key Sectors
This initiative will improve the business environment and provide technical support for MSMEs. It will also enhance access to larger buyers and regional markets.
Sectors such as agriculture, fisheries, transport, tourism, and ICT will benefit from this project. The focus will be on MSMEs led by youth and women.
Aida Ngon, Director of Private Sector Development at AfDB, emphasized the importance of this project.
“The promotion of local entrepreneurship, the improvement of capabilities and efficiency of African MSMEs, and the increase of regional trade and exports are core to our strategy.”
The UNDP will implement the project in partnership with the government and private sector. It will also strengthen links between MSMEs and financial institutions to create jobs, especially for women and youth.
A Step Toward Economic Diversification
Serge N’guessan, Director General for West Africa at AfDB, highlighted the importance of SME growth. “SME development is an indispensable component of the private sector strategy. We are committed to addressing this comprehensively and collaborating with entities like the UNDP.”
This project will enhance institutional capacity and support Equatorial Guinea’s transformation toward green, inclusive growth.
Betty Wabunoha, UNDP Resident Representative, said, “The partnership aims to support the country’s economic diversification and development, focusing on promoting sustainable growth and value chains with high growth potential.”