AfDB inks rich loan deal with Guinea’s Transitional gov’t

The African Development Bank Group (AfDB) has entered into an agreement with Guinea’s transitional government to provide a loan of $28 million. This funding aims to support agropastoral development, digitisation efforts, and the enhancement of market access within the West African nation.

The formal signing of the agreement took place in Conakry on August 3, 2023. Notable attendees included Léandre Bassolé, the AfDB’s Country Manager in Guinea, Moussa Cissé, the Guinean Minister of the Economy and Finance, as well as Rose Pola Pricemou, the Minister of Planning and International Cooperation, and Mamoudou Nagnalen Barry, the Minister of Agriculture and Livestock Farming.

Approval for the Project to Support Agropastoral Development, Digitisation, and Market Access in Guinea was granted by the AfDB’s Board of Directors on July 14, 2023. The primary objective of this project is to bolster the role of agriculture in Guinea’s economic progress. Concurrently, it strives to ensure food security and improved nutrition for rural households. Moreover, the project seeks to augment their income levels, foster financial inclusion, and bolster resilience in the face of climate change.

To achieve these goals, the project’s focus includes promoting the cultivation of maize and soya, earmarked for processing into poultry and livestock feed. Furthermore, it will facilitate the establishment of processing and marketing infrastructure for these sectors, including grazing facilities. By doing so, the project aspires to enhance the adaptability of agricultural and livestock producers to climate change. In addition, it intends to empower women, decrease vulnerabilities, and rectify gender imbalances in the agricultural sector.

Minister Cissé emphasised the innovative aspects of the project, particularly in terms of digitisation and financial inclusivity. He noted that this initiative would result in improved access to information and more stable income sources for producers. He urged all key stakeholders, including the project management unit, to carry out their responsibilities diligently and with skill during the project’s implementation phase.

Minister Cissé also expressed the government’s gratitude to the AfDB for its unwavering support in advancing Guinea’s developmental pursuits. He underscored the positive impact that the project is expected to have on various facets of life in Guinea, ranging from food and nutritional security to the financial well-being of agricultural and livestock producers. Notably, Minister Cissé also holds the position of the AfDB’s Country Governor.

Bassolé, the AfDB’s Country Manager in Guinea, conveyed his satisfaction with the project’s projected influence on livelihoods within the country. He encouraged all officials responsible for executing the project to make prudent use of the allocated resources. Bassolé also extended appreciation to the Guinean government for its collaboration with the AfDB, particularly during the preparatory stages of the project.