Guinea and the Arab Fund for Economic Development: A financing partnership that propels the "Simandou 2040" program forward.
High-level meeting to translate priorities into projects
Written by Omnia Hassan
On the sidelines of a high-level visit by the Arab Bank for Economic Development in Africa to the Republic GuineaPrime Minister Amadou Oury Bah received the head of the bank, Abdallah Khalil Al-Moussaibah, at the Prime Minister's office.
The meeting focused on aligning financial interventions with economic and social development priorities, thereby transforming strategic visions into actionable programs on the ground.
«"Simandou 2040: The Comprehensive Framework for Economic Transformation"
The Prime Minister affirmed that the country is experiencing a historic transformation under the leadership of President Mamadi Doumbouya, noting that the «Simandou 2040» program represents the strategic umbrella for sustainable development and the structural transformation of the economy.
The program aims to maximize the use of natural resources, modernize infrastructure, and strengthen local value chains, thereby increasing the competitiveness of the economy and expanding the base of job opportunities.
Three financing agreements reflect the depth of the partnership
The meeting witnessed the signing of three significant financing agreements reflecting the strong cooperation between the two sides. The first is a $70 million loan to finance the Comprehensive Rural Development Project; the second is a $14 million loan to increase the capital of the African Solidarity Fund; and the third is a $22 million loan to increase the capital of Shelter Afrique Development Foundation. This financing package underscores the commitment to supporting sectors that have a direct impact on the lives of citizens.
Food security and social housing are top priorities
The financing falls within the bank's vision to support food security by developing agricultural value chains, empowering rural communities with production and marketing tools, and expanding social housing financing through institutional partnerships capable of efficiently mobilizing resources. These projects are expected to contribute to job creation and improve income levels and services.
Smart financing for national priority projects
These agreements reflect the «smart finance» approach, which links developmental impact with financial sustainability, by directing resources towards projects of national priority within «Simandou 2040».
In this way, the strategic partnership between Guinea and the bank is strengthened, becoming a practical lever for the path of comprehensive development, and a tangible translation of the country’s economic transformation ambitions.
To ensure the achievement of the targeted results, both sides agreed to activate precise monitoring and evaluation mechanisms for the funded projects, including measurable performance indicators, clear implementation timelines, and periodic reports reflecting progress on the ground.
