Category Archives: Guinea

Equatorial Guinea commits to a co-investment fund of 500 billion FR CFA (eq. US $1 billion) to fuel the country’s economic diversification

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From: News Release – African Press Organization (APO)
PRESS RELEASE

EMERGING EQUATORAL GUINEA
MALABO,
3-4fEB.2014

Equatorial Guinea commits to a co-investment fund of 500 billion FR CFA (eq. US $1 billion) to fuel the country’s economic diversification

MALABO, Equatorial Guinea, February 3, 2014/ — At the opening of “Emerging Equatorial Guinea” (http://www.emergingeg.com), the 2 days Symposium on the country economic diversification, the Equatoguinean government announced that it has committed to support foreign investments by allocating a Co-Investment Fund (CIF) of 500 Billion Francs CFA (eq. US $1 Billion).

Logo: http://www.photos.apo-opa.com/plog-content/images/apo/logos/eeg.png

“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. 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”, explains Marcelino Owono Edu, Equatorial Guinea’s Minister of Finance and Budgets.

In front of an assembly of over 700 entrepreneurs, investors and analysts, scholars and development agencies representatives, gathered for the occasion, the Equatoguinean Ministry of finance indicated that the fund aims at fuelling the state’s overall strategy to diversify the economy beyond oil and gas, on which its recent growth has been relying upon, to ensure a more balanced economic system, less vulnerable to global shifts in oil supply and demand.

During the next 3 years, the fund will support the country’s development around key economic sectors which have been identified for industrial development together with the international private sector: agriculture and animal ranching, fisheries, petrochemicals and mining, tourism and financial markets.

AGRICULTURE & RANCHING

Over 100,000 hectares of available arable land; warm climate with high value tropical plant species; timber industry, following example of Gabon

FISHING

Extensive EEZ and territorial waters packed with commercially valuable marine species

PETROCHEMICALS & MINING

Leading petroleum producer in the CEMAC region, with opportunities to further develop untapped oil and natural gas fields; geographical positioning and a deep-water port

TOURISM

Unspoiled land and marine-scapes, high quality existing infrastructure, favorable climate, and consistent political stability

FINANCIAL SERVICES

Political will to establish a friendly environment and encourage the growth of financial services and offer broad range of products and instruments to a range of international clients.

The Co-Investment Fund (CIF) has been affected over the next three years according to best growth potential reservoirs.

Download the table ‘STRATEGICAL SECTORS – CAPITAL SPENDING BREAKDOWN FOR 2014-2016’: http://www.photos.apo-opa.com/plog-content/images/apo/photos/tableau.png
STRATEGICAL SECTORS – – CAPITAL SPENDING BREAKDOWN FOR 2014-2016
http://www.photos.apo-opa.com/plog-content/images/apo/photos/tableau.png

With the Co-Investment Fund announcement, the Emerging Equatorial Guinea Symposium ignites the investment boom. It will take the form of the signing of concrete Memorandums of Understanding between global companies and local counterparties during the 2 days forum, as the event follows the whole investment process.

Under The High Authority of H.E. President Obiang Nguema Mbasogo of the Republic of Equatorial Guinea.

Distributed by APO (African Press Organization) on behalf of Emerging Equatorial Guinea.

For any information or interview request, please contact the event press office:
Wellcom Agency Coraline Bardinat on eeg@wellcom.fr

Tel: +33 (0)1 46 34 60 60

About the EEG forum

Located in Malabo, February 3-4 2014, the forum convenes representatives of business and investment groups from the national, regional and international communities. This aims at offering the most valuable opportunity for international investors to learn about Equatorial Guinea’s potential and strategize directly with government officials.

http://www.emergingeg.com/en/program

SOURCE

Emerging Equatorial Guinea

Kenya: The aspirant who incited his supporters to burn Raila Odinga posters and block the roads with logs and burning tires is rejected by Karachuonyo residents

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Reports Leo Odera Omolo In Kendu-Bay Town

A parliamentary aspirant in Karachuonyo constituency had lost the race during the recently concluded ODM nominations. He then ditched the party for the Wiper Orange Movement after mobilizing his supporters to stage the violent street demonstration during which Raila Odinga election posters were burnt down and the Prime Minister effigy also set alight. He now faces a total rejection by the voters.

The demonstrators, comprised mainly of drunken youth, had blocked the main Kendu-Bay – Homa-Bay road at Kanyadhiang’ bridge near the home of the aspirant Adipo Okoume. They used heavy logs, burned tires and, torched Raila Odinga’s campaign posters. The demonstrators menacingly threatened motorists while singing derogatory songs against the Prime Minister,saying “no Adipo Okuome no Raila Odinga”

The close to violent demonstration began in earnest after the word went round that the former Karachuonyo MP Eng had clinched the nomination with landslide voters.

Other aspirants included Dr Ofafa Adede, Anderson Ojwang’, Donny Opar, David Ngala. The other aspirants did not take part in the demonstrations and kept away, while the supporters of Adipo Okuome also hurled stones at the former MP’s convoy of vehicles near Nyakongo causing mechanical damage to some of the vehicles.

The former MP Eng James K.Rege returned home at the weekend to a rousing welcome by a huge enthusiastic crowd. The former MP arrived at Kendu – Bay in the convoy of vehicles numbering about 60 and openly displayed to the crowd his ODM nomination certificate. He later took to road show going around the entire Karachuonyo constituency before winding u at his Kanjira village home in West Karachuonyo.

During the rally at Kendu Bay it was disclosed that three of the ODM nomination losers have moved and secured nomination of other parties outside ODM. Adipo was reported to have moved to the Wiper Party, while David Ngala will be vying for the election in the UDF part and Donny Opar to contest on the Wiper Party tickets.

It was after this revelation that a group of elders in Karachuonyo made an impromptu announcement saying that the constituency will not be the fertile ground for votes hunting by those who have lost in the ODM nomination.

The elders’ spokesman who requested for his anonymity singled out the name of Adipo Okuome saying that although the Wiper party is in partnership with the ODM under the main umbrella of CORD alliance this particular candidate owed the Karachuonyo people an apology for having allowed his supporter to engage themselves in acts of violence, thuggery and lawlessness and for having publicly insulted the Prime Minister Raila Odinga.

The elders called for peaceful election campaign and asked the aspirants to respect the right of each other and at the same time not to incite their supporters to violence.

One of the elders Ex-Assistant Chief Nyandiko heaped a lot of praise on the former MP saying he had changed the face of Karachuonyo politics from the violence prone constituency to an area of peaceful co-existence and massive development. He appealed to the voters to cats their votes to Eng Rege in their thousands so that he could continue implementing his impressive development agenda.

The elders made it clear that they would not entertain any “Madoadoa” politics or let the people vote for an aspirant whose loyalty to the Prime Minister Raila Odinga is questionable. Karachuonyo is an ODM stronghold and we should like to see all the votes goes to “Agwambo”.

THE Karachuony0 elders advised the former MP Eng.Rege not to relax because the real election battle is still ahead until after March 4, 2013. They urged those who have won the elections as County Representatives in both Karachuonyo South and Karachuonyo North districts to join hands with the rest of the population to ensure massive votes for Raila Odinga’s presidential victory.

Ends