Business & Economy

Equatorial Guinea invests $31.5 million in agric development

The government of Equatorial Guinea has signed  a $31.5 million partnership agreement with the UN Food and Agriculture Organisation (FAO) to promote agricultural development in the country over the next seven years.
The new Partnership Programme, funded by Equatorial Guinea, will focus on the priorities contained in the country’s National Plan for Food Security. These include increased production, diversification of food and management of natural resources; marketing, processing, conservation and rural finance; and strengthening human and institutional capacities.
The Programme also foresees the possibility of supporting South-South Cooperation activities in other African countries.
The agreement was signed by Equatorial Guinea’s minister of agriculture and forests, Francisco Mba Olo Bahamonde and the FAO Representative, Olman Serrano. It also provides for the establishment of a new FAO Partnership and Liaison Office that will be responsible for the overall programme coordination.
Equatorial Guinea was the first country to contribute to the establishment of the Africa Solidarity Trust Fund in June 2013, supporting its fellow countries through the implementation of projects in more than 32 countries in the region. The $31.5 million brings Equatorial Guinea’s overall contribution to the Africa Solidarity Trust Fund to over $60 million.
‘The vision of President Obiang Nguema Mbasogo demonstrates a true and tireless political commitment to eradicate hunger at national and regional level,’ said FAO director-general José Graziano da Silva in a video message broadcast at the signing ceremony on October 6.
For his part Mba Olo Bahamonde said, ‘The partnership agreement we signed today opens new a horizon of opportunities in rural areas by promoting family agriculture and through the introduction of innovative practices to increase productivity.’

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