WASHINGTON, 7 June 2018—Today, the Board of Executive Directors endorsed a new World Bank Group (WBG) six-year Country Partnership Framework (CPF) to support Guinea’s development objectives.
The CPF that will structure the support of the World Bank Group for Guinea from 2018 to 2023 was developed after extensive consultations with various stakeholders. It will help the country in addressing the multiple drivers of fragility, while accelerating the transition to a more diversified, higher value-added economy.
Despite some progress made over the recent years and abundant natural resources, including about one-third of total global resources of bauxite, 6,000 MW of hydroelectric potential, and 6.2 million hectares of arable land, Guinea remains among the poorest countries in the world.
The CPF for Guinea will focus on three pillars: Fiscal and Natural Resource Management, Human Development, and Agricultural Productivity and Economic Growth. These pillars will address the identified fragility drivers and put in place critical building blocks for increased and inclusive growth by achieving ambitious targets including: (i) reducing exposure to economic shocks, setting up a social safety net system, and supporting economic diversification through agribusiness (ii) improving social contract, and strengthening delivery of basic services, especially in rural areas (iii) reducing youth under-employment in urban areas.
“The CPF aims to support Guinea in achieving a structural transformation of its economy, that is, in moving from an economy based on mining and low productivity agriculture to a more diversified, productive private sector capable of employing its young people. The distinctive feature of this CPF is its focus on accelerating the transition to a more diversified, higher value-added economy while also addressing the multiple drivers of fragility,” said Soukeyna Kane, Country Director for Guinea.
The partnership framework also includes specific measures to empower women and girls, including through improved health and education, promoting employment opportunities, supporting labor-saving technologies (e.g. improved irrigation), improved access to finance, and greater influence over decision-making. It also seeks to help Guinea manage its natural resources and better protect its biodiversity for the benefit of future generations.
“Through this new CPF, the World Bank Group will support Guinea so that its populations can fully benefit from the country’s rich and unique potential. We look forward to a Guinea endowed with the human capital that will lift people out of poverty, improve their prosperity, and increase the country’s competitiveness and resilience,” said Rachidi Radji, Resident Representative for Guinea.
The International Finance Corporation (IFC), with its focus on private sector development, will continue its strong engagement in Guinea alongside with the Multilateral Investment Guarantee Agency. IFC will support the private sector and sustainable development of mining. It will increasingly prioritize operations to promote the expansion of export oriented sectors with high job creation potential, particularly agribusiness.
The CPF is funded by scaled-up resources from the International Development Association (IDA), the Risk Mitigation Regime, which Guinea is one of only four countries eligible to draw on; and potentially the International Bank for Reconstruction and Development (IBRD) Enclave. It aims at increasing the Bank’s impact and has adopted a spatial approach concentrating, where possible, on areas of maximum need as well as opportunity.
Implementation of the program will be maximized by using the comparative strengths of the World Bank Group institutions, notably IBRD, IFC and the Multilateral Investment Guarantee Agency (MIGA), in collaboration with other development partners, as well as with feedback from engagement with citizens
The CPF will support Guinea’s ambitious agenda for industrialization, economic growth, and human development as detailed in its National Economic and Social Development Plan 2016-2020. The World Bank Group is investing in opportunities to help unlock Guinea’s potential for a sustained and inclusive growth and poverty reduction.