At the invitation of the President of the
During an audience granted to him, Kaberuka congratulated the Equatorial Guinea Head of State on his keen vision with regard to his country's development, a country that is emerging to be among the richest in
The importance of opening the country up internationally and improving the business climate was suggested by Kaberuka, who also indicated the need for strengthening regional integration. This is an important source of growth for the country, particularly through expanding the size of the market.
Kaberuka shared the analysis of national authorities on the importance of stimulating job-creating economic sectors, in addition to the oil sector, which is not very distributive and which only employs 4% of the population. The economic integration of the 60% of the population under the age of 25 will guarantee growth and social peace. He also emphasised the importance of accelerating reforms to governance, while recognising efforts made to modernise the administration and make it a key tool for the country's development.
The AfDB has, by mutual agreement with the Equatorial Guinean authorities, decided to give a new impetus to cooperation between the two parties. This being so, it has confirmed its commitment to supporting Phase 2 of the Equatorial Guinea National Economic and Social Development Plan. This phase focuses on emergence via economic diversification and social policy. Phase 1 had been essentially devoted to large-scale infrastructure projects.
"Infrastructure development should be phased over time for it to be financially sustainable," said Kaberuka. He declared the availability of the AfDB to provide its support for capacity-building, including by strengthening planning tools to effectively manage major development projects.
An important multi-sectoral mission to
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