Guinea: AfDB provides $18 million in budget support to improve public finance management and the business climate in Guinea
In Abidjan on September 15, 2014, the African Development Bank (AfDB) granted Guinea US $18 million in budget assistance to support conditions for inclusive growth, through strengthening governance and improving the business climate.
During the signing ceremony for the donation and loan agreements, which form part of Phase 2 of the Economic and Financial Reforms Support Programme, the Ambassador of Guinea in Côte d’Ivoire, Olga Siradin, welcomed AfDB assurances on the speed with which the funds would be disbursed. These assurances were given by Aly Abou-Sabaa, AfDB Vice-President responsible for agriculture, water, human development and natural resources. Abou-Sabaa added that, "the countries of the region need financial resources to effectively combat the Ebola virus. We have mobilised many funds to help fight the pandemic. This includes the $60-million grant we have made to these countries through the WHO."
Abou-Sabaa also stressed the appropriateness of budget support: "Guinea is at the start of a major turning point in its development process. The AfDB salutes your Government's commitment to implement ambitious programmes for structural reform to boost economic transformation and fulfil Guinea's significant growth potential."
The aim of the Economic and Financial Reforms Support Programme is to encourage sustained, inclusive growth in line with two main strategic goals. The first goal is to increase the resources of the State to enable it to sustain growth, through a programme of public investments around its development priorities, and the second is to enable the State to improve its regulatory and institutional frameworks, such as the conditions for the supply of electricity. The supply of electricity is crucial for the promotion of the private sector and optimisation of people's living conditions. Since 1974, the Bank's commitments to Guinea have amounted to a cumulative total of US $1.1 billion.