Monday, September 10, 2018

Equatorial Guinea Collaborates with China on Energy

The President of the Republic of Equatorial Guinea, Obiang Nguema Mbasogo, returned from Beijing from the III China-Africa Economic Forum and announced continued collaboration with the People’s Republic of China on the Bicomo Power Plant.

The Plant supplies electric energy for the city of Bata, the capital of the Continental Region.

The Equatorial Guinea President further strengthened bilateral relations with China at the Forum this past week. 

Equatorial Guinea highlighted continued committed to cultural and educational exchanges with China.

China, for its part, fulfilled its promise to provide $60 billion of investment and funding for Africa since 2015. China also confirmed millions of financing for economic aid, tax-free loans, and lines of credit to the continent.

A $10 billion fund for development aid was established, as well as a $5 billion fund for African imports. Further, China encouraged companies to invest $10 billion in Africa over the next three years.

Equatorial Guinea and China enjoy a strong relationship, as they recently agreed to establish a free trade zone between the two countries to promote the freedom and ease of trade and investment for the mutual gain of both countries.

Cooperation between Africa and China has strengthened over the last forty years. In regards to commercial investment, as China invests more than 110 billion in the continent.
China has opened more than 80 secondary schools and China and Africa have hosted more than 100 events and 200 projects in regards to sociocultural development.

The Forum was attended by over 50 heads of state from all over Africa.