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VENTURES AFRICA – Equatorial Guinea has launched a $1 billion Co-Investment Fund to support foreign investments inflows and enhance economic diversification in the country.
“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,” said Marcelino Owono Edu, Equatorial Guinea’s Minister of Finance and Budgets.
The central African country’s economic mainstay is oil, with daily production exceeding 360,000 barrels, making it the third largest oil producer in sub-Saharan Africa. It also exports agricultural products such as cocoa, coffee and timber, though the sector’s contribution to economic growth has slowly diminished over the years since oil was discovered.
Equatorial Guinea is however keen to diversify its economy in a bid to avoid the risks of unstable oil prices, as experts have predicted a global volatile market in the next few years due to Shale discoveries in the US, the world’s second largest oil importer, as well as marginal oil field discoveries across other African nations.
“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,” added Owono Edu.
During the next 3 years, the fund will support the country’s development around key economic sectors identified for industrial development including agriculture and animal ranching, fisheries, petrochemicals and mining, tourism and financial markets.