IDB Group pledges $880m to support development in Guinea


The Islamic Development Bank (IDB) Group has pledged $880 million in support for Guinea’s 2016-2020 National Plan for Economic and Social Development.
In his address to the Consultative Group meeting held in Paris to support the National Development Plan in Guinea, IDB Vice President Syed Aqa stressed the Group’s commitment to strengthen partnership with Guinea and work with the development partners, especially the Arab Coordination Group, to achieve the goals of the development plan in the West African nation.
“The Bank is launching a new initiative to support its member countries, including Guinea. The initiative aims to enhance and expand the development impact to all stakeholders in member countries and to provide innovative Islamic products that enable the IDB Group to respond to the increasing need for funding by its member states,” he said. The vice president reiterated the Group’s commitment to support Guinea and enhance its ability to address challenges including health ones.
During the event, Sayed Aqa signed two agreements with Minister of Planning and International Cooperation Kanny Diallo, to finance two agricultural projects in Guinea at a total amount of $72 million. Both projects are aimed at enhancing food security, supporting production and fighting poverty.
The meeting was organized by the government of Guinea, under the patronage of Guinean President Alpha Condé, the current chairman of the African Union, in cooperation with the World Bank. It was attended by bilateral partners, development financing institutions and agencies, representatives of the Coordination Group and international NGOs operating in Guinea as well as national and international private sector operators.
The two-day event was inaugurated by the Guinean president in the presence of vice president of the Arab African World Bank, president of the African Development Bank, IDB vice president, representative of the UNDP, executive secretary of the United Nations Economic Commission for Africa (UNECA), and representative of the African Union Commission Chairman, as well as representatives of the governments of France and China.—APP

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