AfDB invests $30 million in Guinea-Bissau

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The new financing follows a visit by Dr. Akinwumi Adesina, President of the AfDB to HE Umaro Sissoco Embaló, President of Guinea-Bissau, earlier this year, reaffirming the close ties shared between the leading development bank in Africa and the nation of Bissau while charting a financially supported path towards the realization of the African Union (AU) Agenda 2063 within the nation.

Since 1976, the AfDB has provided $448 million in investments to the nation of Guinea-Bissau, 89% of which has been disbursed through its concessional arm of the African Development Fund, with the remaining 11% provided by the NEPAD-Infrastructure Project Preparation Facility, Sustainable Energy Fund for Africa and Africa Investment Facility.

Provided mainly in the form of loans and grants, the AfDB’s national portfolio consists of 12 ongoing operations, including two multinationals, covering five key sectors – namely energy (40.3% of investments), transport ( 26.4%), agriculture (14.4%), social (12.4%) and governance (6.5%). Its five objectives in implementing these fiscal mechanisms, advised by the AU Agenda 2063, are to light up and power Africa, feed Africa, integrate Africa and improve the quality of life of Africans.

So what does this mean for Guinea-Bissau’s accelerated development? In the immediate term, AfDB sources have confirmed that of the latest $30 million facility, $14 million will go towards the construction of road networks between Guinea-Bissau and neighboring Senegal, $8.7 million in budget support and capacity building and $7 million in support for government reforms. . Within this last tranche, a National School of Administration will be created, improving the efficiency of future public administrators through targeted capacity building, with specialized training in project management and monitoring.

In the country, the AfDB will also set up an implementation unit designed to accelerate the implementation of its projects, targeting inclusive growth and infrastructure development with upcoming projects. Furthermore, in line with the AU’s Agenda 2063, Guinea-Bissau, with the support of the AfDB, is aiming for an energy transformation by 2030, supported to the tune of $700 million under its development plan. investment in sustainable energy, listed in the 2021 SDG7 energy progress report among the 20 countries in the world that have increased their access to electricity the most over the last decade.

As a nation, Guinea-Bissau has been one of the most successful in resisting COVID-19 on the African continent, achieving vaccination rates of 70% among its adult population and immediately rebounding economically from the 2020 recession to growth of more than 2% last year. Looking ahead, its greatest economic potential lies in the energy industry – a potential the AfDB itself recognizes and which is shared by every nation in the MSGBC Basin as the sub-region enters its gas rush at the midst of a booming energy sector.

These sustainability avenues and opportunities will all feature prominently on the agenda of the upcoming MSGBC Oil, Gas and Power Conference 2022. The event itself will be opened by HE Macky Sall, Chairman of the African Union and President of Senegal – a visionary leader whose vocal support for the AU Agenda 2063 is unparalleled. With investors coming from across Africa, Asia, America, Australia, Europe and the Middle East to attend, the region’s multi-billion dollar energy industry is set to become the backbone of future growth, with MSGBC Oil, Gas & Power 2022 igniting the potentials for an African energy future that grows Africa. Visit https://msgbcoilgasandpower.com/ to register.

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