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USAID and the Republic of Equatorial Guinea Agree to Unique Partnership for Development

Tobias Calls Memorandum of Understanding "Landmark Agreement"

FOR IMMEDIATE RELEASE
April 11, 2006
0411-06-032
Press Office: 202-712-4320
Public Information: 202-712-4810
www.usaid.gov

WASHINGTON, DC - Today, the U.S. Agency for International Development (USAID) entered into a unique Memorandum of Understanding (MOU) with the Republic of Equatorial Guinea to establish a Social Development Fund in the country, implementing projects in the areas of health, education, women's affairs and the environment.

Using only Equato-Guinean government revenues, the Republic of Equatorial Guinea is contributing $15 million to USAID to provide technical assistance to support implementation of the Fund. USAID's foreign assistance will be instrumental in fostering transparency and accountability in the design, implementation and evaluation of social needs projects.

"The MOU we're signing today is indeed a landmark agreement," said USAID Administrator Randall L. Tobias. "Equatorial Guinea's decision to use government revenues for social development needs demonstrates visionary leadership and the potential of true transformation. This kind of agreement can serve as a model for future partnerships around the world, and USAID graciously accepts these resources."

USAID's technical support of the Fund will be managed through USAID's West Africa Regional Program in Accra, Ghana.

"The focus of this dialogue is transformation," said Dr. Cindy Courville, Special Assistant to the President and Senior Director for African Affairs at the National Security Council. "The rewards for future generations will be great," she said. Lloyd Pierson, USAID Assistant Administrator for the Bureau for Africa, emceed the event.

For more information on USAID programs, visit www.usaid.gov.

The U.S. Agency for International Development has provided economic and humanitarian assistance worldwide for more than 40 years.

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