Equatorial Guinea and the Arab Bank for Economic Development in Africa (BADEA) have signed two financing agreements aimed at advancing strategic development projects, including expanding electricity infrastructure in Ciudad de La Paz and strengthening the country’s participation in the Shelter Afrique Development Bank.
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The agreements were signed at the People’s Palace in Malabo during a ceremony presided over by President Obiang Nguema Mbasogo. Representing the Government of Equatorial Guinea was Minister of State for Finance, Budget and National Planning Iván Bacale Ebee Molina, while BADEA was represented by its President Abdullah Almusaibeh.
Prior to the signing ceremony, President Obiang held talks with the BADEA delegation to discuss ways of strengthening cooperation between Equatorial Guinea and the regional financial institution. The meeting concluded with an exchange of commemorative gifts between the two delegations.
One of the agreements provides financing for a project to improve the electricity supply in Ciudad de La Paz, a key component of the government’s long-term strategy to support urban development and expand essential infrastructure.
The second agreement will finance Equatorial Guinea’s participation in the capital increase of the Shelter Afrique Development Bank, reinforcing the country’s commitment to regional development initiatives that promote housing, infrastructure and sustainable economic growth across Africa.
The agreements reflect the continued partnership between Equatorial Guinea and BADEA in supporting national development priorities through strategic investment in infrastructure and regional financial institutions.
