Equatorial Guinea commits to a co-investment fund of 500 billion FR CFA (eq. US $1 billion) to fuel the country’s economic diversification
At the opening of “Emerging Equatorial Guinea” (http://www.emergingeg.com),
the 2 days Symposium on the country economic diversification, the
Equatoguinean government announced that it has committed to support
foreign investments by allocating a Co-Investment Fund (CIF) of 500
Billion Francs CFA (eq. US $1 Billion).
“This
Co-Investment Fund allocation testifies of the country’s commitment to
lay the bases for economic diversification to ensure sustainable growth
and to create more jobs in our country. We have been blessed by an
incredible oil wealth, which we aim to use to build the foundations of
an emerging country, via a strong plan for economic diversification and
industrialization plan”, explains Marcelino Owono Edu, Equatorial
Guinea’s Minister of Finance and Budgets.
In
front of an assembly of over 700 entrepreneurs, investors and analysts,
scholars and development agencies representatives, gathered for the
occasion, the Equatoguinean Ministry of finance indicated that the fund
aims at fuelling the state’s overall strategy to diversify the economy
beyond oil and gas, on which its recent growth has been relying upon, to
ensure a more balanced economic system, less vulnerable to global
shifts in oil supply and demand.
During
the next 3 years, the fund will support the country’s development
around key economic sectors which have been identified for industrial
development together with the international private sector: agriculture
and animal ranching, fisheries, petrochemicals and mining, tourism and
financial markets.
AGRICULTURE & RANCHING
Over
100,000 hectares of available arable land; warm climate with high value
tropical plant species; timber industry, following example of Gabon
FISHING
Extensive EEZ and territorial waters packed with commercially valuable marine species
PETROCHEMICALS & MINING
Leading
petroleum producer in the CEMAC region, with opportunities to further
develop untapped oil and natural gas fields; geographical positioning
and a deep-water port
TOURISM
Unspoiled land and marine-scapes, high quality existing infrastructure, favorable climate, and consistent political stability
FINANCIAL SERVICES
Political
will to establish a friendly environment and encourage the growth of
financial services and offer broad range of products and instruments to a
range of international clients.
The Co-Investment Fund (CIF) has been affected over the next three years according to best growth potential reservoirs.
With
the Co-Investment Fund announcement, the Emerging Equatorial Guinea
Symposium ignites the investment boom. It will take the form of the
signing of concrete Memorandums of Understanding between global
companies and local counterparties during the 2 days forum, as the event
follows the whole investment process.
