Equatorial Guinea President Promises Accountability and Transparency

Jun 29, 2010, 15:05 ET from Republic of Equatorial Guinea

MALABO, Equatorial Guinea, June 29 /PRNewswire-USNewswire/ -- Equatorial Guinea (Republica de Guinea Ecuatorial) President Teodoro Obiang Nguema Mbasogo promised accountability and transparency in an historic speech at the 2010 Global Forum in Cape Town, South Africa. President Obiang also expressed his intention to use oil resources in compliance with the rules of the Extractive Industries Transparency Initiative (EITI).

"We will continue trying to qualify as a candidate for compliance with the rules of the EITI, while unilaterally establishing policies to exceed EITI auditing standards and do more than is necessary to ensure that transparency and accountability are as mandatory for the Government as they are for civil society," President Obiang said in a speech to world leaders, CEOs and media. "We believe this is a shared responsibility for everyone."

President Obiang vowed to continue building upon reforms established in 2008 and to move the country forward in full compliance with international standards.

"We have voluntarily decided to do so, not for international merit, but by our conviction that it is a discipline that will ensure full compliance with the recommendations of the II National Economic Conference," President Obiang said.

Equatorial Guinea has made significant progress in the areas of transparency, accountability, social services, health and education and is committed to continue these reforms.

"We have made a commitment to the People of Equatorial Guinea and we solemnly announce this commitment to the world today."

About Equatorial Guinea

The Republic of Equatorial Guinea (Republica de Guinea Ecuatorial) is the only Spanish-speaking country in Africa, and one of the smallest nations on the continent. In the late-1990s, American companies helped discover the country's oil and natural gas resources, which only within the last five years began contributing to the global energy supply. Equatorial Guinea is now working to serve as a pillar of stability and security in its region of West Central Africa. The country will host the 2011 Summit of the African Union. For more information, visit http://www.guineaecuatorialpress.com.

This has been distributed by Qorvis Communications, LLC on behalf of the Republic of Equatorial Guinea. More information on this relationship is on file at the United States Department of Justice, Washington, DC.

SOURCE Republic of Equatorial Guinea