Equatorial Guinea – Tech | Business | Economy https://techeconomy.ng Tech | Business | Economy Tue, 30 Sep 2025 11:29:30 +0000 en-GB hourly 1 https://wordpress.org/?v=7.0 https://techeconomy.ng/wp-content/uploads/2025/06/cropped-256Px-32x32.png Equatorial Guinea – Tech | Business | Economy https://techeconomy.ng 32 32 AfDB Approves €73.27 million Loan to Power Equatorial Guinea Youth Employment https://techeconomy.ng/afdb-approves-e73-27-million-loan-to-power-equatorial-guinea-youth-employment/ https://techeconomy.ng/afdb-approves-e73-27-million-loan-to-power-equatorial-guinea-youth-employment/#respond Tue, 30 Sep 2025 11:29:21 +0000 https://techeconomy.ng/?p=168445 The Board of Directors of the African Development Bank Group (AfDB) has approved a €73.27 million loan to Equatorial Guinea for the first phase of the country’s Human Capital Development Project in Support of Economic and Social Inclusion (PARCH 1). 

The five-year project (2025-2030) aims to improve vocational training and expand access to employment for young people, particularly women, in order to foster private sector-led growth.

Under the initiative, two modern provincial polytechnic institutes will be established in Bioko Sur and Welé-Nzas.

These institutes will provide flexible market-oriented training in key sectors such as agriculture, fisheries, public works, tourism and digital technology, developed in close collaboration with the private sector. 

“The successful implementation of PARCH 1 is expected to create 4,500 jobs for young people and women, support the launch of 500 businesses, most led by young people and women, and provide training and job placement opportunities for 1,935 beneficiaries,” said Léandre Bassolé, director General of the Bank for Central Africa

PARCH 1 is structured around three components: improving vocational training to align with high-growth value chains; promoting youth and women’s employment by improving the entrepreneurial ecosystem and advancing economic, social and territorial inclusion; and strengthening project management and partnerships. 

Equatorial Guinea is currently grappling with a youth unemployment rate of 23.5 percent, with a particularly high rate among women (26.7 percent).

These figures reflect a fundamental mismatch between educational training and labour market demands.

An estimated 16.5 percent of youth are unemployed, untrained or have dropped out of school, often turning to the informal sector and contributing to social tensions.

The country’s technical and vocational education and training system has struggled with institutional budgetary constraints, receiving less than 2 percent of national resources, alongside inadequacies in curriculum development and skills recognition.  

The African Development Bank’s support for the project will help reduce unemployment and underemployment, improving economic inclusion and driving social stability, particularly in Bioko Sur and Welé-Nzas. 

As of 30 August 2025, the African Development Bank Group’s active portfolio in Equatorial Guinea comprised six projects valued at €85 million, with investments focused on agriculture and fisheries (65 percent), governance (34 percent), ICT (0.69 percent), and energy (0.55 percent). 

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Sex Tapes: Equatorial Guinea Installs CCTV in Offices https://techeconomy.ng/sex-tapes-equatorial-guinea-installs-cctv-in-offices/ https://techeconomy.ng/sex-tapes-equatorial-guinea-installs-cctv-in-offices/#respond Wed, 06 Nov 2024 05:27:46 +0000 https://techeconomy.ng/?p=147087 The government in Equatorial Guinea has commenced a probe into hundreds of leaked pornographic videos allegedly involving high-ranking civil servant, Baltasar Engonga, having sex with various women, including wives of prominent officials in his office.

The government has further ordered the installation of surveillance cameras in courts and ministries to combat “indecent and illicit acts.”

It also announced that it was suspending officials involved in the scandal, according to a statement issued by the Equatorial Guinea Press and Information Office, published on the government’s website on Tuesday.

Teodoro Mangue, the vice-president on Tuesday said any official found engaging in sex acts at work would be sanctioned as this was a “flagrant violation of the code of conduct.”

The government said the recent decisions had been taken in the wake of the widely circulated videos which had “denigrated the image of the country.”

“Among the decisions taken are the suspension of employment of the officials who appear in the homemade adult videos circulating on the networks, severe measures for the members assigned to the surveillance of the inmates for not fulfilling their duties and allowing such acts, as well as the reinforcement of security in all judicial offices in the country; in addition to the installation of surveillance cameras in the judicial and ministerial offices,” the statement said.

“The Executive has made this decision in the wake of the sexual videos that have gone viral on social media in recent days, which have denigrated the image of the country.

“And in order to correct this bad behaviour of some officials of the public and judicial administration of Equatorial Guinea, the Vice President of the Republic, concerned about this situation, has urgently summoned the President of the Supreme Court of Justice, the Attorney General of the Republic, and several members of the government headed by the Prime Minister, to adopt strategies to stop this type of behaviour and thus propose preventive measures,” it added.

The social media has been agog following the arrest of Engonga who is the Director General of the National Financial Investigation Agency in Equatorial Guinea, for allegedly recording over 400 sex tapes of the wives of notable people in the country.

The scandal emerged in the course of a fraud investigation against the 54-year-old economist which resulted in the search of his house and office on impromptu notice by ANIF officials who came across several CDs that later revealed his sexcapades with different married women.

Ever since the sex tapes leaked on the internet, different reactions have trailed the news described as the biggest sex scandal in the country and perhaps Africa.

The videos reportedly include encounters with high-profile individuals, such as his brother’s wife, his cousin, the sister of the President of Equatorial Guinea, the Director-General of Police’s wife, and about 20 of the country’s ministers’ wives, among others.

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