EVENTS
OPEC Fund signs Country Partnership Framework with Guinea
Country Partnership Agreement, Conakry
President visits the West African nation and lauds “major step forward”
OPEC Fund President Alkhalifa and Guinea’s Minister of International Cooperation Nabé (left)
A new Country Partnership Framework with the Republic of Guinea will unlock new avenues for supporting sustainable development in the West African nation. OPEC Fund President Abdulhamid Alkhalifa signed the agreement with Guinea’s Minister of Planning, Development and International Cooperation, Ismaël Nabé, in the capital city of Conakry. The Country Partnership Framework establishes a “structured and strategic partnership” in line with the country’s National Development Plan. The agreement sets aside a US$280 million envelope for priority projects over a three-year timeframe. President Alkhalifa praised the agreement as a “major step forward and a demonstration of the OPEC
Fund’s commitment to supporting the successful sustainable development of our partner country Guinea.” The latest mission continued the long and constructive relationship between the West African nation and the OPEC Fund. Guinea was one of the institution’s very first partner countries with an inaugural US$2.35 million loan in 1976. To date, more than US$150 million has been committed to projects in the transportation, agriculture as well as water and sanitation sectors. Despite significant natural resources, especially bauxite and gold, Guinea faces severe development challenges, including high poverty rates, low domestic income mobilization, insufficient infrastructure and climate vulnerability. The World Bank stresses
the urgent need to invest in human capital, strengthen public expenditure controls and diversify the economy away from raw mineral extraction. The government has developed the US$200 billion “Simandou 2040” plan to transform the national economy within 15 years.
The agreement sets aside a
US$280 million envelope for priority projects over a
three–year timeframe.
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