Post #429

📺Africa's Own UAE 📺 Equatorial Guinea moves its capital to a brand new city built on oil revenues 🛫 The government of Equatorial Guinea is relocating from the island capital Malabo to a new city deep in the eastern mainland of the country. The construction of the new capital, Ciudad de la Paz, situated closer to the majority of the population (around 80% live on the mainland), began in 2012. ▶️ Building an entire new city in the middle of the jungle was made possible by oil revenues. Oil has turned Equatorial Guinea, with a population of roughly 1.6 million, into one of Africa’s wealthiest countries, providing around 80% of the state budget. ▶️ Naturally, the construction did not come without corruption. Earlier this year, investigative journalists reported kickbacks of about $90 million from the Portuguese construction firm Zagope to the forestry company Somagui, allegedly owned by the son of President Teodoro Obiang. ↗️ It's clear which country with a similarly small population, oil wealth, and megaprojects Guinea’s elites took as their model. True, infrastructure and urbanization could help EG become a regional trade and business hub. But beyond construction, this also requires investment in education, healthcare, and social security — in short, such one weird trick as starting to share oil revenues with the entire population, not only with relatives. ➡️ Follow to stay informed - @devilsbelow