On 22nd may, the new Minister for Finance, the Economy and Planning, Cesar Augusto Mba Abogo, appeared before the Senate Permanent Commission on Foreign Policy, International Cooperation and African Integration, to clarify certain doubts resulting from the second reading of the document for membership for the Republic of Equatorial Guinea of the African Export-Import Bank in Central Africa, Afreximbank, and the proposal to set up the headquarters for the bank in our country to cover the Central Africa area.
A total of four questions were put by members of the Permanent Commission on Foreign Policy to the Government delegation, led by the Second Vice Prime Minister, Charged with Legal Affairs it the Presidency and parliamentary Relations, A�ngel Mesie Mibuy, regarding the advantages and disadvantages, both fiscal and economic, that the installation of Afreximbank and its subregional office for Central Africa would provide for our country.
In answer to all the questions put by the commission overseen by Teresa Efua Asangono, President of the Senate, the minister indicated that Afreximbank is promoting intra and extra African trade exchange, and that, as an institution created in the service of the cause of economic development in Africa, then the fact that Equatorial Guinea is not a part of it is a clear disadvantage because it would not benefit from its support, and not being a shareholder would not be a recipient of dividends.
The minister, recognising that in Equatorial Guinea there are a lot of investors in the sectors of agriculture, fish farming and tourism which could benefit from the support of the bank, underlined the need to ratify our country’s membership of the banking institution, taking into account that the document signed in Abidjan (Ivory Coast) on 6th June 2018 meets the pertinent authorisations resulting from the Ministry of Finance executive council, the Interministerial Council and the Council of Ministers.
For Cesar Augusto Mba Abogo, the membership of our country in Afreximbank would mean benefits in the lines of finance to guarantee and ensure the industrial fabric of Equatorial Guinea, as by signing the agreement the Government has the possibility to benefit from budgetary support of over seven hundred million dollars.
The senators also expressed concern with respect to article two of the membership agreement, on the establishment of a building that would house the regional headquarters of Afreximbank in our country. The Government delegation highlighted the fact that Equatorial Guinea is the best placed candidate to have the office due to its strategic position, its climate of peace and stability, and the recognition and respect inspired by the President of the Republic, H. E. Obiang Nguema Mbasogo, on the African continent.
With the debates over, various recommendations were put to the Government delegation by Efua Asangono, while provisionally approving the instrument at a Permanent Commission on Foreign Policy level, with definitive adoption being reserved for the next plenary session.
Source: Equatorial Guinea Press and Information Office