CONSTRUCTION OF GUINEA’S NEW BAUXITE MINE GETS FUNDS FROM AFDB

AFBD approve loan for new bauxite mine construction in Guinea which will help achieve the nation Vision 2035 goals.

Africa Development Bank (AFDB) has continue its strategic priorities on development with the approval of US $100m loan for a railway, port and mine construction in Guinea with the project in line with at least two of the Bank’s five strategic priorities; High 5: “industrialize Africa” and “improve the lives of people in Africa”.

The project is expected to increase the annual production capacity of the bauxite mine to 12 million tonnes, exclusively for export after its completion in 2020.

It will also contribute to the fight against poverty by creating jobs, especially for young people, often forced to take the road of migration, for lack of prospects on the spot.

According to a statement from AFDB; “There is no doubt that the project will have a significant impact on the economy of northwestern Guinea, which intends to take the opportunity to boost commercial activities and unlock the region’s agricultural potential.”

The construction of the project is in line with Guinea’s Vision 2035 which focuses on economic governance and infrastructure development, particularly in the extractive industries.

The nation has about a third of the world’s bauxite reserves, which are refined and smelted to make aluminium but still has challenge in the annual production of it because of political instability.

 

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