African Development Bank funds Guinea-Bissau with USD 30 mln

Monday 31 January 2022 15:19 CET | News

African Development Bank has announced a financial package of USD 30 million dollars to the West African nation of Guinea -Bissau.

The African Development Bank had earmarked USD 30 million in financing for projects in Guinea-Bissau. Of this amount, USD 14 million would be allocated to building road networks between Guinea Bissau and Senegal, while USD 8.7 million and USD 7 million would go to budget support and capacity building, and government reforms, respectively.

The African Development Bank plans to set up a delivery unit to speed up project implementation. The Bank financed the establishment of the National School of Administration to improve the performance of economic and financial arms of public administration, as well as project management and monitoring.  

The African Development Bank’s initiatives are helping to advance the African Union’s 2063 Agenda in Guinea-Bissau, with a strategy oriented around inclusive growth, and governance-strengthening through support for infrastructure development and agriculture production.

Guinea-Bissau’s agriculture-based economy is dependent on cashew nut exports and has been hit hard by the Covid-19 pandemic. The country is currently pursuing a robust program to increase production and make better use of agricultural value chains, professionalize cooperatives and improve their access to financing.

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Keywords: trade finance, supply chain finance, funding, COVID-19
Categories: Banking & Fintech
Countries: Guinea-Bissau
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