Equatorial Guinea gives loan to Sao Tome

22 October 2007

Sao Tome, Sao Tome and Principe, 22 Oct – Equatorial Guinea has granted a US$ 1.4 million loan to Sao Tome as part of an aid accord between the two states.

The archipelago’s president, Fradique de Menezes, announced the loan after a visit to Malabo, capital of Equatorial Guinea, made at the invitation of his counterpart, President Teodoro Obiang Nguema.

In addition to the aid funds, already deposited in Sao Tome’s Treasury, Equatorial Guinea is also sending two shiploads of food aid to the islands next week, President de Menezes said.

The aid is aimed to “resolve Sao Tome’s urgent problem” caused by soaring process for fuel, water, electricity and essential food items in the islands, added de Menezes.

In the past five years, Equatorial Guinea and Sao Tome have expressed interest in bolstering their cooperation across various sectors, particularly oil, air transport and trade. (macauhub)