The African Development Fund (ADF), the concessional arm of the African Development Bank Group (AfDB), has approved a $14.04 million loan to Guinea for the Industrial Development and SME Resilience Support Project. This funding, derived from Pillar 1 of the Transition Support Facility, is aimed at strengthening Guinea’s institutional capacity to promote industrial development and the resilience of small and medium-sized enterprises (SMEs).
Project Objectives and Focus Areas:
- Institutional Capacity Enhancement: The project aims to improve Guinea’s ability to plan, coordinate, monitor, and promote industrial development. This includes enhancing the capacity to implement industrial policy at macroeconomic, sectoral, and microeconomic levels.
- SME Support Programme: It will support the growth and resilience of small enterprises and industries, strengthening public service delivery to private businesses.
- Public Services for Business: Enhanced delivery of public services to private businesses will also be a focus, addressing the root causes of fragility and promoting long-term resilience.
Ousmane Fall, Director of the AfDB’s Industrial Development and Trade Department, emphasized Guinea’s untapped potential for industrial development. The support from ADF will help Guinea consolidate sources of long-term resilience through institutional development, promoting sustainable and inclusive industrialization, private sector development, and societal resilience.
Key Components of the Project:
- Strengthening Planning and Policy Implementation: Enhancing the capacity to plan, steer, and implement development policies.
- Integrated Support for Resilience and Growth: Focusing on green industry growth and the resilience of SMEs-SMIs.
- Project Management and Coordination: Ensuring effective management and coordination of the project.
Beneficiaries:
The project will benefit participants in the private sector, with a particular focus on women and young entrepreneurs. It aims to create new productive assets, diversify the economy, and generate jobs, thereby improving the quality of life and economic resilience in Guinea.
Long-term Impact:
The project is expected to accelerate economic transformation by stimulating SMEs, modernizing industries, and boosting exports. It will also promote private investment and enhance human resources, with special attention to reducing gender inequalities and other disparities.
The initiative aligns with AfDB’s ongoing efforts in Guinea, including developing agro-industry, specialized agro-industrial processing zones, and promoting entrepreneurship among youth and women.
For more information, contact the African Development Bank Group (AfDB).
