The African Development Bank Group (AfDB) has signed an agreement with the transitional government in Guinea for a $28 million loan to support agropastoral development, digitization and market access in the West African country.
The agreement was signed in Conakry, Guinea by the Bank’s Country Manager in Guinea, Léandre Bassolé and the Guinean Minister of the Economy and Finance, Moussa Cissé. The Minister of Planning and International Cooperation, Rose Pola Pricemou and the Minister of Agriculture and Livestock Farming, Mamoudou Nagnalen Barry, were also at the signing event.
The project to Support Agropastoral Development, Digitization and Market Access in Guinea was approved on 14th July 2023 by the Bank Group’s Board of Directors. It aims to improve the contribution of agriculture to Guinea’s economic development while ensuring food and nutritional security for rural households and enhancing their incomes, financial inclusion, and resilience to climate change.
Specifically, the project promotes the production of maize and soya for processing into poultry and livestock feed, and the development of processing and marketing infrastructure for the two target sectors, including grazing facilities. It will also help strengthen resilience to climate change among agricultural producers and livestock farmers, support women’s empowerment and reduce vulnerabilities and inequalities between men and women in agriculture.
The Project’s Innovative Nature
Mr Cissé highlighted the project’s innovative nature, particularly in digitization and financial inclusion, saying it will guarantee better access to information and a more secure income for producers. He urged the key actors involved, including the project management unit, to act diligently and show dexterity in implementing the project.
Mr Cissé expressed the government’s appreciation to the Bank for its support for development efforts in Guinea. “We are delighted with the quality of our cooperation and the impact the project will have on the people of Guinea, not only through improving food and nutritional security but also the incomes of agricultural producers and livestock farmers,” said Minister Cissé, who is also the Bank’s Country Governor.
Bassolé expressed his delight with the project’s expected impact on the livelihoods in Guinea and urged officials involved in its implementation to use the resources mobilized judiciously. He also thanked the Guinean government’s cooperation with the Bank, particularly during the preparatory stages of the project.
The AfDB Group is undertaking massive projects in the agricultural sector in many African countries to transform what the continent has in abundance into massive wealth-generating opportunities. The war in Ukraine – a major food basket, threatened global food and energy supplies.
The price of wheat has risen by more than 60% since the beginning of the war. The price of maize has gone up around the same margin. The price of soya beans is also up. And the price of fertilizer, which is critical to food production, has gone up by over 300%. Therefore, these supports by the bank is crucial to reducing hunger on the continent.
The African Development Bank Group is a multilateral development finance institution headquartered in Abidjan, Ivory Coast, since September 2014. The AfDB is a financial provider to African governments and private companies investing in the regional member countries.
The AfDB’s mission is to fight poverty and improve living conditions on the continent through promoting the investment of public and private capital in projects and programs that are likely to contribute to the economic and social development of the region. Since its establishment, it has provided soft loans worth millions of dollars to the continent.