AfDB Backs Guinea’s $200bn Simandou 2040 Plan to Transform Economy

“I commend the historic contribution of the Republic of Guinea to the 17th replenishment of the African Development Fund (ADF-17),” Dr Ould Tah said.

The African Development Bank Group (AfDB) has reaffirmed its long-term commitment to Guinea’s Simandou 2040 Programme, a flagship national development strategy aimed at mobilising $200 billion in investment by 2040 to structurally transform the country’s economy.

AfDB Group President Dr Sidi Ould Tah made the announcement in Conakry on 17 January 2026, during an official visit to Guinea to attend the inauguration of President Mamadi Doumbouya, elected President of the Fifth Republic on 28 December.

Dr Ould Tah was welcomed by Mourana Soumah, Guinea’s Minister of Economy and Finance and AfDB Governor for Guinea, alongside Ismael Nabé, Deputy Governor and Minister of Planning and International Cooperation.

During his mission, Dr Ould Tah held high-level discussions with government officials on deepening cooperation between Guinea and the Bank Group, with a strong focus on national priorities outlined under the Simandou 2040 Sustainable Development Programme. He also welcomed Guinea’s recent decision to contribute to the African Development Fund (ADF), the Bank Group’s concessional financing arm.

“I commend the historic contribution of the Republic of Guinea to the 17th replenishment of the African Development Fund (ADF-17),” Dr Ould Tah said. “The African Development Bank Group expresses its profound gratitude for this unprecedented support from Guinea.”

In December 2025, Guinea became one of 19 African countries to commit financially to the African Development Fund—an important signal of regional ownership and solidarity in Africa’s development financing architecture.

A programme anchored in structural transformation

Named after the vast Simandou iron ore deposits in southern Guinea—among the world’s largest untapped reserves—the Simandou 2040 Programme is designed to move Guinea beyond resource extraction toward broad-based, sustainable growth.

The programme targets:

• Large-scale infrastructure modernisation

• Industrialisation and value-chain development

• Economic diversification

• Long-term improvements in living standards and social outcomes

Minister Soumah highlighted Guinea’s significant structural investment needs to successfully launch the Simandou project, underscoring the importance of enhanced cooperation in priority sectors identified in the AfDB’s Country Strategy Paper for Guinea.

From a development finance perspective, the initiative positions Simandou not only as a mining project, but as a national economic transformation platform, leveraging natural resources to catalyse inclusive growth.

Strengthening partnership on the ground

As part of his visit, Dr Ould Tah also met with staff at the AfDB’s country office in Guinea, praising their dedication to maximising the development impact of Bank-funded operations.

The Bank Group reiterated its commitment to supporting Guinea through financing, policy dialogue, and technical assistance—ensuring that the Simandou 2040 vision translates into long-term economic resilience and shared prosperity.