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Guinea’s Transitional government, AfDB Sign $28 million Loan Agreement for Development

Guinea's Transitional government, AfDB Sign $28 million Loan Agreement for Development

The African Development Bank Group (AfDB) has signed an agreement with the transitional government in Guinea for a $28 million loan to support projects in agropastoral development, digitization and market access.

According to a statement by AfDB, the Investments seeks to improve the input of Guinea’s agricultural sector to economic development as well as ensuring food security.

Furthermore, both parties are looking to enhance financial inclusion and resilience to climate change through the financing of the projects.

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In particular, the project will seek to scale up the production of maize, soya- among other foods for production of animal feed and thus improving the quality of livestock and provide food for the country’s population.

The country’s processing and manufacturing infrastructure is also set to benefit from the funding with the AfDB keen on ensuring climate-friendly ways of processing agricultural products.

Going Digital in Guinea

In terms of access to information necessary in modernizing agriculture in the country, the project is looking to finance digitization to boost income for the farmers.

Guinea’s Minister of Finance, Moussa Cisse, welcomed the new deal and underscored its significance to the growth of Guinea’s economy.

“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,” Minister Cisse noted.

On his part, Léandre Bassolé- AfDB’s manager in Guinea lauded the transitional government for its cooperation in making the deal possible.

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Despite having a rich subsoil, agriculture is the main economic in Guinea with a large chunk of its population depending on subsistence farming.

However, lack of access to information and modern agricultural technology remains a threat to the country’s quest of agricultural development and thus slowing the pace of  economic development.

Traditional farming and mining activities also pose major climate concerns hence necessitating interventions to ensure sustainable practices and maximize profits.