AfDB supports economic and financial reforms in Guinea with over 19 million dollars
On 23 June 2014, The Board of Directors of the African Development Bank (AfDB) approved funding of 12 million Units of Account (approximately 19 million dollars) for the Republic of Guinea.
This sum will be taken from the resources of the African Development Fund (ADF) and will contribute to financing the second phase of the Economic and Financial Reforms Support Programme (PAREF-II).
The overall goal of the operation is to create the conditions for inclusive growth through strengthening governance and improving the business climate. The strategic goals underlying design of the Programme are:
- To increase the resources of the State to enable it to sustain growth through programming public investments focused on PRSP III development priorities;
- To help the State promote the development of private investment through improving the business climate. The funding is also to improve the electrical energy supply, this being an important part in both promotion of the private sector and improving people's lives.
These actions will benefit the population as a whole and particularly the most vulnerable, that is, women and children. They will also benefit economic and financial agencies and economic operators.
Thanks to improvements in the the business regulatory and institutional framework, economic operators will be more likely to invest in the country to create more wealth and jobs, particularly for young graduates, whose unemployment rate currently stands at 61%.
Guinea is starting a major turning point in its development, including the launch of significant major projects, especially in the mining sector. To promote the country's economic transformation, the Government has launched important structural reforms aiming to realise Guinea's potential for growth while maintaining macro-economic stability.
This is the context for PAREF-II, which will consolidate the gains of PAREF-I.