A World Bank statement states that the institution installs a resident representation for the first time in Malabo, capital of Equatorial Guinea.

At the head of the new office, the World Bank a appointed the Argentine economist Juan Diego Alonso, a senior executive at the institution. He will oversee the operations of the International Bank for reconstruction and development (BIRD) , from International Association of development (IDA), from International Finance Corporation (SFI) and the Multilateral Investment Guarantee Agency (MIGA). It will be also responsible for developing partnerships with the government, the private actors and civil society, while facilitating cooperation with international partners.

Juan Diego Alonso said: “with a clear mandate to support the Government of Equatorial Guinea in its efforts to reduce poverty and increase shared prosperity on a liveable planet, I am convinced that our presence here can make the difference. I am looking forward to working with the many partners at developments already present in the country, in order to contribute to the creation of opportunities for all Equato-Guineans.”

This implementation takes place in a context particularly delicate economic situation for Equatorial Guinea. Growth of the country has weakened in recent years, due in particular to its strong dependence on hydrocarbons, a drop in investments and a succession of internal and external shocks.