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China-EGuinea in trade deal includes 5.7 million euros

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by Staff Writers
 Malabo (AFP) Dec 8, 2008
 China has given Equatorial Guinea 5.7 million euros towards a series of public works projects in the oil-rich former Spanish colony, the country's state radio reported Monday.

The report said agreements were signed on Sunday during an official visit by Chinese Vice Minister for Foreign Trade Chao Wu-Chen.

China agreed to give the 5.7 million euros (4.4 million dollars) to fund a number of government projects in the Gulf of Guinea, according to the report.

China has maintained uninterrupted diplomatic relations with Guinea since 1970. Three years ago, it lent Equatorial Guinea around two billion dollars to fund improvements to the infrastructure to be carried out by Chinese companies.

The country is currently the third-biggest oil producer in sub-Saharan Africa after Nigeria and Angola, producing some 500,000 barrels a day.

Since the increase in oil exploitation in Equatorial Guinea, China has invested heavily in the country's construction, public works, oil and electricity industries.

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