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As far as I know, that is correct. However, apart from real estate being built, there also seems to be some heavy investment in infrastructure and they're tryin
by eyko 6y ago
As far as I know, that is correct. However, apart from real estate being built, there also seems to be some heavy investment in infrastructure and they're trying to attract investors. I've also heard that there are plans to grow the tourism sector. The elite has also grown in numbers and there seems to be a growing middle class (mostly Fang diaspora going back) with connections to the regime.
I don't know what the real situation is and what they plan to do with the new wealth, but if I'm to speculate, the elite wants to develop the country and transform the economy so that they can keep a certain standard of living, because the oil reserves were never thought to last that long (however, I've heard of new possible deposits being found, not sure if there's any truth to that).
- iagovar 6y agoI see, thanks. I'm sorry for the amount of questions, but I'm very curious! Do you see the ruling elite technically qualified for such leap? And if they are not themselves, are they hiring adequate decision makers, engineers and such? Also, is there an education system in place (or in advanced planning) that allows to grow local technical talent?
- eyko 6y agoI'd say it's complicated. Corruption and nepotism is a fact of life in E. Guinea. It's a society with many layers, all in service of the Nguema "dynasty", if I may describe it as such. The elite tend to send their children and relatives to study abroad, sometimes in prestigious schools, so there are many who are well educated and probably capable of leading and successfully carrying out large scale projects (and they do have some experience working abroad in positions of responsibility), but back home it's a system that doesn't foster healthy competition or reward the effort. Education is also improving fortunately. The country never had a university until the 90s and now there are plans for a few extra campuses (still one university I believe), and I've seen some "propaganda" videos[4] where they seem to paint an optimistic picture of the future -- if we're to believe that. Most infrastructure projects are carried out by foreign firms, and China has a very strong presence. For instance, the new planned capital, Ciudad de la Paz, was designed by a Portuguese firm[1] and, and the construction itself is apparently being carried out by a Chinese group[2][3]. One could say that the approach they're taking is very similar to what you'd expect from China: huge government spending, but tight control over the economy. I'm not sure if that model is sustainable but we'll see... Feel free to get in touch. My twitter username is the same as my username here and my DMs are open! 1. https://www.fat.pt/projecto/nova-capital-da-guine-equatorial/ https://www.fat.pt/projecto/nova-capital-da-guine-equatorial... 2. http://csci.cscec.com/en/yyfw/Construction/202006/3109352.html http://csci.cscec.com/en/yyfw/Construction/202006/3109352.ht... 3. https://www.youtube.com/watch?v=KBY6r2Z3yeY https://www.youtube.com/watch?v=KBY6r2Z3yeY 4. https://www.youtube.com/watch?v=feyllyLVZ-E https://www.youtube.com/watch?v=feyllyLVZ-E
- iagovar 6y agoHey man, thank you a lot, I really appreciate your insight! I've already followed you in Twitter :) Por ahora no tengo más preguntas, le seguiré la pista a los links, a ver a dónde me llevan, gracias!
- enriquto 6y agothank you very much for your first hand accounts. They are extremely interesting!