World Bank approves $65m to improve the management of mining, natural resources in Guinea
The World Bank approved $65 million from the International Development Association (IDA), for the Natural Resources, Mining and Environmental Management Project in Guinea. The project will support Guinea to protect and invest in its natural capital. Activities will focus on environmental management and technical assistance for a sustainable development of the mining sector.
“The project will strengthen the institutional capacities of both ministries for an integrated management of mineral and natural resources and enhanced benefits from the mining and environment sectors,” said Maria Sarraf, Practice Manager, World Bank.
Guinea has an abundance of natural resources: it is the source of several major rivers, and has exceptional biodiversity, the third of the world’s bauxite reserves, significant gold, diamond, and oil resources. Despite its rich endowment, Guinea’s per capita Gross Domestic Product (GDP) of $962 is much lower than the region’s average of $1,600. Mining is the main driver of economic growth and contributes 35 percent to the GDP. The project will promote collaboration between the Ministry of Environment, Water and Forests and the Ministry of Mining and Geology in order to manage trade-offs between boosting economic development and valuing natural resources.
It is hoped that protecting ecosystems will build the resilience of Guinea’s rural populations and help them adapt to the impacts of climate change.
“This project will help diversify Guinea’s economy and continue to promote a sustainable development approach in the mining sector. It is a first for the country and it reaffirms the World Bank’s commitment to inclusive growth,” said Nestor Coffi, World Bank Country Manager for Guinea.