• World Bank opens first resident representation in Malabo, led by economist Juan Diego Alonso.
  
  
• Mandate focuses on inclusive growth, private-sector development and stronger economic resilience.
  
  
• Office launch coincides with economic contraction driven by declining oil output and investment.

The World Bank Group has established its first resident representation in Equatorial Guinea’s capital, Malabo, nearly 55 years after the country joined the institution, the organization said in a statement.

Argentine economist Juan Diego Alonso, a senior World Bank official, has been appointed to lead the new resident office. He will oversee the Group’s work across the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA). His mandate includes strengthening cooperation with the government, the private sector and civil-society organizations, as well as coordinating with international partners.

“With a clear mandate to support the Government of Equatorial Guinea in its efforts to reduce poverty and increase shared prosperity in a livable planet, I believe our presence here can make a difference. I look forward to working with many development partners already in the country to help create opportunities for all Equatoguineans,” Alonso said.

Alonso, who joined the World Bank Group in 2006, is expected to help advance the institution’s priorities in the country. These include inclusive growth, private-sector development, investment in human capital and stronger economic resilience.

He holds a PhD in economics from Columbia University and has worked in Africa, Eastern Europe and Latin America, focusing on country strategy, macroeconomic analysis and institutional partnerships. Before his appointment in Malabo, he served as the World Bank’s representative to the Organization of Eastern Caribbean States and as a senior economist in the education sector.

The establishment of the resident representation comes at a difficult moment for Equatorial Guinea’s economy. Growth has slowed in recent years due to declining hydrocarbon output, falling investment and a series of domestic and external shocks.

According to the World Bank’s Equatorial Guinea Economic Update 2025, published in July 2025, the economy is expected to contract by 3.1 percent in 2025 after a modest recovery estimated at 0.9 percent in 2024. The downturn is attributed mainly to weaker oil production and lower crude prices. The Bank notes, however, that the outlook for 2026 is more favorable.

Sandrine Gaingne