US $210 million financing support from IsDB for Guinea’s transport sector

Jeddah, KSA, 2 March, 2017 - A US $210 million financing support agreement was signed on March 2nd, 2017 at the Islamic Development Bank (IsDB) headquarters between IsDB Group President, Dr. Bandar Hajjar, and Guinea’s Minister of Planning and International Cooperation, H.E. Kanny Diallo, who is also the IsDB Governor for the country.

Under the document, the IsDB shall contribute US $210 million to the Republic of Guinea for the construction of two regional integration roads projects; the Dabola – Kouroussa road, and the Guekedou - Kissoudougou - Kondembradou. Both projects aim to establish an efficient connection between Guinea and neighboring countries facilitating trade with Mali, Cote d’Ivoire, Sierra Leone and Liberia; a major step forward for economic growth of Guinea that will greatly
contribute to the government’s strategy for poverty eradication.

Other objectives of the projects are: enhancing the contribution of the private transport sector to the economic development of Guinea thanks to the national road network densification; enhancing transfer of goods; persons and services in new mining areas of Upper Guinea and
the Forest Regions of the country; reduction of transport costs; reinforcement of regional exchanges amongst Guinea, Liberia, Sierra Leone; Cote d’Ivoire, and Mali; improving the living conditions of the local populations due to easier access to social facilities; as well as easier access to main urban centers crossed by both projects.

During the meeting, Minister Kanny Diallo handed over a message from the President of Guinea on the partnership with the IsDB Group. The two also discussed the highlights of Guinea’s national socio-economic development plan, which was recently drawn.

Minister Kanny Diallo invited the IsDB to participate in supporting the plan and mobilizing resources for it in cooperation with the Coordination Group.

She further expressed the Guineans President’s readiness to cooperation with the IsDB in implementing economic development projects in Africa as Guinea currently heads the African Union.

The IsDB Group President, for his part, welcomed cooperation with the current President of the African Union in supporting the recommended projects along the Trans-Sahara Road Project to help achieve the socio-economic and facilitate creation of job opportunities for the youth in the IsDB member countries.

With an active portfolio of 13 development projects in Guinea totaling US $534 million, the IsDB’s accumulative development financing contributions to the country stands at US $875 million covering various projects in agriculture, infrastructure, industry, trade, and human development.

Source: http://www.isdb.org/irj/portal/anonymous?NavigationTarget