Akinwumi A. Adesina, President of the African Development Bank Group, declares a $30 million financial package to support Guinea Bissau. The package will be divided into $14 million for building road networks between Guinea Bissau and Senegal, $8.7 million for budget support & capacity building, and $7 million for government reforms.
The project aims to boost production, professionalize cooperatives, & refine access to finance. It also aims to empower and support women and youth involved in cashew nut, fruit & vegetable production. Cashew nut is the main export item in the country’s agriculture-based economy. However, it has been hit hard for the past two years; therefore, Guinea Bissau is creating a program to boost production and efficiently use agricultural value chains, professionalizing cooperatives, and refining access to finance.
The ADB will create a delivery unit to move project implementation quicker. ADB provided financial support for establishing the National School of Administration to enhance the economic and financial performance of public administration and project management & monitoring.
Guinea-Bissau was unstable due to political disruptions for many years that delayed development. Now that the government is stable, it is time to speed up economic transformation.
The ADB’s initiatives boost the African Union’s 2063 Agenda in Guinea-Bissau. Its strategy-oriented approach focuses on inclusive growth, governance-strengthening through infrastructure development support, and agriculture production.
