Guinea-Bissau has secured a $30 million financial package from the African Development Bank (AfDB), enabling the west African nation to expand key project developments, as well as strengthen budget support and capacity building. The package is critical for the country’s energy, infrastructure and transportation sector expansion.
Directed towards infrastructure, budget and governance, the financial commitment followed a meeting between H.E. Umaro Sissoco Embaló, President of Guinea-Bissau, and AfDB President, Dr Akinwumi A. Adesina, on Friday the 28 January.
Of the $30 million package, $14 million will be allocated to the development of road networks between Guinea-Bissau and Senegal, with $8.7 million directed towards budget support and capacity building and $7 million towards government reforms.
“For many years, Guinea-Bissau has been affected by political disruptions that have hampered the country’s development. This is the first time we have government stability, and we have to make use of it to accelerate economic transformation. We are grateful that the African Development Bank has always been by our side, even during difficult times. We are ready to work alongside the Bank to lead Guinea-Bissau to a new chapter of its history,” stated H.E. Umaro Sissoco Embaló.
The financial package will not only enable the growth of key sectors such as agriculture and production, but create the opportunity for emerging sectors to flourish. Notably, improvements in regional connections through the road network, coupled with implemented government reforms, will likely spark an increase in project development across multiple sectors. While regional countries such as Senegal move to exploit their oil and gas resources, improved regional connectivity will enable Guinea-Bissau to benefit.
“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,” stated Adesina.
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