As African markets take the hit of the economic crisis caused by the COVID-19 pandemic, the Ministry of Mines and Hydrocarbons is pushing for the mobilisation of African capital to finance the recovery of the continent’s economies. In order advance the Year of Investment 2020 projects and have them backed by credible African investors, H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons of Equatorial Guinea, held a working meeting yesterday with senior representatives of the Development Bank of the Central African States (BDEAC).
The BDEAC delegation was headed by the Bank’s President, Fortunato Ofa Mbo Nchama, and the institution’s representative in Malabo, Mrs. Nadège Bongouande. The meeting took place within the Ministerial department where the preventive measures established by the WHO and the Government of Equatorial Guinea in the face of the Covid-19 pandemic are being followed.
Accompanied by Oscar Garcia Berniko, General Director of State Companies, H.E. Gabriel Mbaga Obiang Lima briefed Fortunato Ofa Mbo Nchama on the status of Equatorial Guinea’s Year of Investment. He notably presented the key projects offered under the initiative, including a modular refinery for domestic supply, an additional modular refinery which could be destined for exports, storage tanks for refined products, methanol derivatives manufacturing, an industrial mining area with a gold refinery, and a urea plant project. the presentation was aimed at ensuring that regional and pan-African financial institutions such as the BDEAC become key actors of Africa’s recovery in the years to come.
“Our government will continue deploying support with the right kind of policies across the oil and gas value chain and I believe the industry experience of oil and gas companies and financial institutions will be critical to meeting that challenge and not only weathering the current crisis but leading the way forward,” stated H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons. “Working with the Development Bank of the Central African States is right for our country. Beyond raising capital for projects, it is key to helping us become more economically sustainable by advising us on how to adapt and embed resiliency into our strategy. I see big benefits from working with the BDEAC for our country and most importantly our citizens,” added Minister Obiang Lima.
The Year of Investment 2020 projects aim at attracting investments across Equatorial Guinea’s midstream and downstream industries to promote the greatest added value to the oil industry of the country through job creation. In light of the ongoing economic crisis in the region, the Year of Investment has also become a way for Equatorial Guinea to ensure a quick and sustainable recovery of its economy by promoting investments in key infrastructure projects that can create local value and generate revenue for the country.
President Mbo Nchama expressed his satisfaction regarding the level of collaboration between the BDEAC and Equatorial Guinea up until now, and pledged to assess the MMH’s proposed projects.
The Year of Investment 2020 is progressing despite the ongoing pandemic of COVID-19. During a special webinar co-organised by the African Energy Chamber and Africa Oil & Power this week, H.E. Gabriel Mbaga Obiang Lima announced special measures to keep the local oil sector attractive, and revealed that key projects would break ground in the fourth quarter of this year.