GUINEA BISSAU – African Development Bank Group has announced a financial package of US$30 million to Guinea -Bissau to finance infrastructure, budget, and governance.
The funding has been announced by African Development Bank Group President Dr. Akinwumi A. Adesina during his visit to the country.
Of this amount, US$14 million will be allocated to building road networks between Guinea Bissau and Senegal, while US$8.7 million and US$7 million will go to budget support and capacity building, and government reforms, respectively.
“I want to assure President Embaló of the African Development Bank’s firm commitment to support his vision for the country and the government’s program,” said Adesina.
The Bank has also financed the establishment of the National School of Administration to improve the performance of economic and financial arms of public administration, as well as project management and monitoring.
The country’s agriculture-based economy is dependent on cashew nut exports and has been hit hard by the Covid-19 pandemic.
It is currently pursuing a robust program to increase production and make better use of agricultural value chains, professionalize cooperatives and improve their access to financing.
The county’s GDP growth contracted by 2.8% in 2020, halting the positive growth rate the country had experienced since 2015.
Economic recovery, however, is expected in 2022, with the resumption of trade activities and large-scale vaccination against Covid-19.
Côte d’Ivoire receives US$14.2M loan
Meanwhile, the Africa-focused multilateral lender has approved a loan of US$14.2 million for Côte d’Ivoire.
The fund is to strengthen the competitiveness of enterprises, in particular, small and medium-sized enterprises, including those owned and managed by women.
The fund targets the implementation of the first phase of the Support Program for the Improvement of the Business Climate for a Structural Transformation of the Ivorian Economy (PACA-CI).
This program tends to remove the obstacles in terms of the business climate in order to strengthen the inclusive and resilient nature of growth and to ensure jobs and decent incomes for the populations.
The program aims to improve the business climate in order to attract foreign and local direct investment.
The latest move takes AfDB Group’s active portfolio in Côte d’Ivoire to 44 operations, for a total of US$2.73 billion in financial commitments.
Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals, and insights from Africa’s business, economy, and more. SUBSCRIBE
