Equatorial Guinea and China strengthen ties with new agreements

DALIAN, CHINA – The Republic of Equatorial Guinea has entered into new agreements with the People’s Republic of China, further solidifying economic and cooperative ties between the two countries. The agreements will also strengthen the political relations of both countries, bolstered by technical, financial and political support from China for the industrialization of Equatorial Guinea.

 

In a ceremony in Beijing on Tuesday, H.E. Teodoro Obiang Nguema Mbasogo, President of Equatorial Guinea, met with China President Xi Jinping, reaching a number of agreements and signing multiple memoranda of understanding.

 

These include a cooperation agreement between the Ministry of Foreign Affairs and International Cooperation of Equatorial Guinea for mutual realization of diplomatic consultation. The two countries reached a commercial agreement on economic and technological cooperation for the support of the Telecommunications Infrastructure Manager of Equatorial Guinea. In addition, the governments signed a cooperation agreement to build hospitals and train teachers in Equatorial Guinea.

 

The Export-Import Bank of China and the Ministry of Finance and Budget of Equatorial Guinea signed a memorandum of understanding to extend a $500 million line of credit to Equatorial Guinea. Lastly, Equatorial Guinea finalized a macro strategic cooperation agreement with the China insurance agency SINOSURE and the Industrial and Commercial Bank of China for a total value of $2 billion.

 

The Beijing meetings will be followed by an official visit by H.E. President Obiang Nguema Mbasogo in the northeastern city of Dalian, where high-level talks with potential Chinese investors will continue. The Government of Equatorial Guinea is hosting the Equatorial Guinea-Asia Economic Forum on April 30 in Dalian, in which several companies across multiple economic sectors have been invited to learn about investment opportunities in Equatorial Guinea.