AfDB Reaffirms Support for Guinea’s Economic Diversification and Development Projects

The visit underscored the AfDB’s dedication to supporting Guinea’s economic development and reinforcing its role in advancing the country’s growth and sustainability.

The African Development Bank Group (AfDB) has reaffirmed its commitment to supporting Guinea's efforts to diversify its economy and enhance domestic resource mobilization for essential development projects. This pledge was emphasized during a high-level visit to Conakry from July 11 to 13, 2024.

Key Highlights from the Visit:

Delegation and Meetings: The delegation, led by Marie-Laure Akin-Ougbade, Vice President for Regional Development, Integration, and Business Delivery, and Kevin Kariuki, Vice President for Power, Energy, Climate, and Green Growth, held discussions with Guinean Prime Minister Amadou Oury Bah and Finance Minister Mourana Soumah. Their meetings focused on ongoing and future projects supported by the Bank.

Support and Initiatives: Akin-Ougbade commended Guinea's economic resilience amid global challenges. She highlighted several initiatives backed by the Bank, including reviews of mining contracts and audits in key sectors such as telecommunications, banking, and insurance. These efforts aim to bolster transparency and efficiency in Guinea's economic sectors.

Minister Soumah's Acknowledgment: Finance Minister Soumah expressed appreciation for the Bank's support, acknowledging the progress made in various development areas thanks to its assistance. He emphasized the need for continued support, particularly in addressing challenges in the energy sector.

60th Anniversary Gala: The visit included a gala dinner marking the 60th anniversary of the African Development Bank's establishment. The event was attended by government officials, diplomats, representatives from pan-African and international organizations, the private sector, civil society, and project coordinators.

Bank's Portfolio and Future Plans:

Ongoing Projects: As of June 30, 2024, the AfDB's portfolio in Guinea consists of 30 operations with a total financing amounting to $676 million. Guinea, a founding member of the AfDB, continues to be a significant strategic partner for the Bank.

The visit underscored the AfDB's dedication to supporting Guinea's economic development and reinforcing its role in advancing the country's growth and sustainability.