EITI Introduction Seminar

Since 2004, when the Head of State, H. E. Obiang Nguema Mbasogo, promised to bring the country within the Extractive Industries Transparency Initiative (EITI), the implemented action plan has included numerous actions in order to meet the EITI standards, which were presented on the morning of 14th October to members of the Government, led by the Prime Minister of the Government, Charged with Administrative Coordination, Francisco Pascual Obama Asue, during the EITI Introduction Seminar, given by the national Commission of the EITI Preparatory Group for Equatorial Guinea; a commission made up of Government representatives, companies from the extraction sector and civic society. The celebration of this seminar aims, among other things, to set out the reasons, advantages and benefits of EITI membership for the country.

The historical economic evolution experienced by Equatorial Guinea and its integration within the international community have led to the need to adapt and for the country to join this initiative, with he purpose of developing a contemporary standardised system of good practice, as among the significant benefits which would be obtained through the successful implementation of EITI standards are: the strengthening of national capacities and skills in matters of transparency in the management of public funds and participative planning; the strengthening of control over income from extractive industries; the promotion of the national private sector and an improvement in the image of the country, which are determining factors in attracting foreign investment capital and strengthening relations with other development partners.

Source: Official Web Page of the Government of the Republic of Equatorial Guinea

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