Equatorial Guinea could be the ninth member of Forum Macau

23 April 2019

Equatorial Guinea may soon apply to join Forum Macau, said President Teodoro Obiang Nguema Mbasogo in an interview with the Africa Monitor newsletter in Malabo.

Obiang acknowledged China was the “positive” exception to support his country, “as we are facing many difficulties in attracting investment and financing to diversify the economy.”

The President of Equatorial Guinea noted that conferences to attract foreign companies to invest in the country “have had little success,” as had contacts with foreign governments to secure aid.

“The exception is the government of China, which has granted us a very large loan of US$2 billion, which we are complying with,” he said.

This loan does not generate debt for the state, Obiang said, “because it is in a parallel account with a Chinese bank that we are complying with to the best of our ability,” he said.

In the interview, the president of Equatorial Guinea, who has been in power for 40 years making him the longest standing head of state in Africa, said that his government is a good payer, and has no debts to foreign companies.

His government, he said, is negotiating technical advisory with the IMF to try to avoid the possible devaluation of the national currency and to balance the State Budget.

Obiang, historically close to former Angolan President José Eduardo dos Santos, said in the interview he wanted to visit his “friend” when he goes to Luanda, and congratulated the country on its transition to the new President, João Lourenço, who he also knows, “from when he visited Equatorial Guinea as Defence Minister,” and is “practically a friend.” (Macauhub)