The Guinean government is engaging with donors in the United Arab Emirates to secure $3 billion for the completion of a national development program with a total estimated cost of $12 billion.
From Thursday until tomorrow, the Guinean government is convening with donors in Dubai. The meeting has been relocated to the Gulf region to attract a maximum number of partners, as explained by the Ministry of Planning’s communication service. The Guinean government is actively seeking financial support, requiring over $3 billion to finalize its development program.
Accompanying the delegation is the Interim Reference Program (PRI), a new framework for Guinea’s development until 2025. Described as a “unique reference,” according to a press release from the authorities.
The financing for the program is estimated at $12 billion, covering approximately sixty projects across various sectors including the Ministries of Economy, Infrastructure, Education, and Agriculture. Conakry’s objective at the Dubai meeting is to secure funding for the PRI, with the majority of the required funds (70%) to be provided by the state. Consequently, Guinea still requires $3 billion, as clarified by the Ministry of Planning’s communication service.
Following the explosion at the Kaloum oil depot, which has significantly impacted state finances, the PRI is positioned as a “response to the urgent socio-economic recovery needs of the country,” as emphasized by the authorities.
The catastrophe resulted in substantial destruction, severely impacting businesses and causing a fuel shortage for several days.
At the Dubai meeting on Thursday, attendees will include the Prime Minister, Guinean ministers, international institutions such as the World Bank, and Guinean companies, as stated by the Ministry of Planning’s communication service.