Geography Country Brief last updated March 2008 
Equatorial Guinea (the only former Spanish colony in sub-Sahara Africa) is one of the smallest countries in Africa. It consists of a mainland, Rio Muni, and small islands ( Bioko, Annobon, Corisco, Elobey, and others) divided into seven provinces, with a population of 503,000 people (2005 United Nations Estimate). The country is bounded on the north by Cameroon, east and the south by Gabon, and west by the Gulf of Guinea. It is well endowed with arable land and mineral resources ranging from gold, oil, uranium, diamond, and columbite-tantalite, and has huge growth potentials after the discovery of oil in the 1990s. Politics Bonifacio Ondo Edu from the Fang tribe in the northern part of the mainland ( Rio Muni) became the president of the Executive Council of the transition Government in 1964. In 1967, a new constitution gave more powers to the president and cleared the way for independence in October 1968. Francisco Macias Nguema from a small sub-clan of the majority Fang tribe from Mongomo (a northern province) became the country’s first president after the independence in 1968. Following repeated human right violations and deterioration of the economy, Teodoro Obiang Nguema, who was the vice minister of defense, overthrew President Nguema in 1979. The Government adopted legislations establishing multiparty democracy in 1992 and the first presidential elections since 1968 were held in 1996. President Obiang Nguema was elected president in both elections for seven-year term with overwhelming majority (98 percent in 96 and 99 percent of vote in 2002). President Obiang’s party, the Democratic Party of Equatorial Guinea, controls the legislative and the judiciary branch of the government. Development Progress The country is emerging as one of the fastest growing economies in Africa. After the discovery of massive oil reserves in the 1990s, it has become the third largest producer of oil in Sub-Saharan Africa, after Nigeria and Angola. Oil revenue increased dramatically in value from US$3 million in 1993 to US$190 million in 2000 and US$3.3 billion in 2006. Massive foreign investments in the oil and gas sector, together with a sharp rise in oil exports and favorable terms of trade, have contributed to the country’s impressive GDP growth since 1996 ― an average real annual growth of 26.2% during 2001-2005. However, a slowdown in hydrocarbon production has caused the overall GDP growth to decelerate sharply to 6.9 percent and to stabilize in 2006 (-4.9 percent). Further, oil boom generates inflationary pressures, with the inflation rate estimated at 4.4% in 2006, and averaging 6% over the past five years. In 2005, GDP per capita was estimated at US$9,790 dollars in purchasing power parity terms. Oil contributes to around 80 percent of GDP, while the primary sector accounts for less than 5 percent of GDP. The oil boom has not yet been translated into positive human development outcomes, which remain poor, as evidenced by the low human development index ranking (120th out of 177 countries in 2006). Life expectancy remains low at 43 years, while infant mortality is high at 97 per 1,000. Between 1995 and 2002, roughly 39 percent of children under age five were malnourished. Only 44 percent of the population has access to safe water. Poverty is still widespread, and income disparities are becoming more apparent in the larger towns. Equatorial Guinea has been relatively stable in the Central African region, and joined the Bank of Central African States (BEAC) in 1985. Equatorial Guinea graduated from IDA in FY99. Challenges ahead Recognizing the importance of addressing their poor socio-economic indicators, the government is working to improve governance and transparency, especially in the oil sector, through the implementation of the Extractive Industries Transparency Initiative (EITI) and the national development and poverty reduction strategy. World Bank assistance to Equatorial Guinea Currently, Equatorial Guinea, an IBRD country, has no lending program with the Bank. The last World Bank project was a health improvement operation (PROMESSA), which was closed in 1999.
In 2002, the Bank started the implementation of a statistical capacity building program, using institutional grants with additional funding provided by the Equatorial Guinea Government. The project will close in December 2007. The Bank is also assisting the government in the implementation of the Extractive Industries Transparency Initiative (EITI) and expects to begin work on a Public Expenditure Review under a Service Agreement signed in November 2007. The World Bank works with Equatorial Guinea through its country office in Libreville, Gabon. Contacts Ms. Mary Barton-Dock
Country Director
World Bank Street 1.792, No.186, Ekoudou-Bastos
Yaoundé, Cameroon
Tel. (237) 22-20-38-15/ 22-20-16-36
Fax: (237) 22-21-07-22
Email: mbarton@worldbank.org Mr. Olivier Fremond
Country Manager
Quartier Palais de Justice
Section RG
Parcelle No. 222
Libreville, Gabon
Phone: +241-73-81-71
Fax: +241-73-81-69
Email: ofremond@worldbank.org Rick Emery Tsouck Ibounde
Economist
Quartier Palais de Justice
Section RG
Parcelle No. 222
Libreville, Gabon
Phone: +241-73-81-71/2
Fax: +241-73-81-69
Email: rtsouckibounde@worldbank.org Rafael Muñoz Moreno
Country Economist
The World Bank
1818 H Street, NW
Washington DC, 20433, USA
Mail office: J 7- 703
Office: J 7- 116
Tf Office:(1) 202- 458- 8928
Fax:(1) 202- 473- 8466
E-mail: rmunozmoreno@worldbank.org Ms. Kathryn Hollifield
Country Program Coordinator
Tel: +1-202 458 1731
Fax: +1-202 474 5452
Email: khollifield@worldbank.org Ms. Janet Dooley
Senior Country Officer
Tel:+1-202 458 4626
Fax: +1-202 473-5452
Email: jdooley1@worlbank.org Ms. Nellie Sew Kwan Kan
Senior Program Assistant
Tel: +1-202-473-4756
Fax: +1-202-473-5452
Email: nsewkwankan@worldbank.org |
