Equatorial Guinea’s economy is one of the fastest growing economies in Africa and it is the third-largest producer of oil in Sub-Saharan Africa. However, the country's macroeconomic and fiscal situation has deteriorated following the oil price drop. Notwithstanding its wealth, according to the United Nations, the proportion of the population living below the poverty line is 43.9 per cent.
The EU does not have a Delegation in Equatorial Guinea and cooperation is monitored by the EU delegation in Yaoundé (Cameroon). The local EU presidency rotates between EU countries represented in Equatorial Guinea (as prior to the Lisbon treaty).
Equatorial Guinea receives no funding from the 11th European Development Fund (EDF) but received funds from the 8th and 9th EDFs.
The EU does maintain a political dialogue with the national authorities. Human rights are among the issues raised as part of this dialogue.
Equatorial Guinea is eligible for funding under the European Instrument on Human Rights and Democracy (EIDHR) and call for proposals are organised regularly.
Equatorial Guinea, as a Member State of the Economic Community of Central African States (ECCAS), indirectly benefits from EU regional programmes.
In terms of maritime security, Equatorial Guinea benefits indirectly from the Instrument contributing to Peace and Stability (IcSP) with the regional project on the Gulf of Guinea Interregional Network (GoGIN). Furthermore, it could also benefit from the new EU regional programme aiming to support the Maritime Safety and Security Strategy for Central Africa (PASSMAR).