World Bank Group pledges $2.35b in financing for Guinea
During the meeting of the Consultative Group for Guinea held in Paris on November 16 and 17, 2017, the World Bank Group announced financial support totaling $2.35 billion to help Guinea implement its National Economic and Social Development Plan (PNDES) for 2016-2020.
The announcement was made by Mr. Makhtar Diop, the World Bank's Vice President for the Africa Region and Mr. Oumar Seydi, Director for Africa of the International Finance Corporation (IFC), the private sector arm of the World Bank Group. The International Development Association (IDA), the World Bank's fund for the poorest countries, is providing $1.6 billion, while IFC is committing $750 million.
The 2016-2020 PNDES aims to promote robust growth with a view to improving the well-being of the population and structurally transforming the economy, while placing the country on the path of inclusive and sustainable development.
The Consultative Group sought to mobilize the resources required to meet the additional needs of the 2016-2020 PNDES.
"Guinea has all the assets it needs to achieve its development objectives: unparalleled mineral resources, abundant water resources that make Guinea the water tower of West Africa, tremendous agricultural potential, and a young workforce eager to build a better future," said Makhtar Diop. "I especially welcome the fact that strengthening governance and sustainably managing natural capital are core elements of Guinea's development strategy and we are working to strengthen the Government's capacity to implement the PNDES."
"IFC is working to deepen its engagement in Guinea, focusing on the agricultural sector, which should be a real engine of inclusive economic development in Guinea," said Oumar Seydi. IFC could draw on "risk reduction instruments, such as the IDA 18 private sector window, to expand its private investment promotion activities."
The Guinean authorities successfully mobilized a total of $20 billion during this meeting.
The World Bank has a portfolio of almost $574.75 million in Guinea and is currently preparing the new partnership framework with Guinea. Under the IDA 18 replenishment, the allocation has doubled in comparison to the allocation under IDA 17, and the PNDES will serve as the basis for this partnership. IFC has an investment portfolio of close to $160 million and advisory services projects worth $5 million.