05/26/2021 | Press release | Distributed by Public on 05/27/2021 08:36
WASHINGTON, May 26, 2021 - The World Bank Board of Directors approved today $65 million from the International Development Association (IDA) for the Natural Resources, Mining and Environmental Management Project in Guinea. This project will support Guinea to protect and invest in its natural capital. Activities will focus on environmental management and technical assistance for a sustainable development of the mining sector.
Guinea has an abundance of natural resources: it is the source of several major rivers, and has exceptional biodiversity, the third of the world's bauxite reserves, significant gold, diamond, and oil resources. Despite its rich endowment, Guinea's per capita Gross Domestic Product (GDP) of $962 is much lower than the region's average of $1,600. Mining is the main driver of economic growth and contributes 35 percent to the GDP. The project will promote collaboration between the Ministry of Environment, Water and Forests and the Ministry of Mining and Geology in order to manage trade-offs between boosting economic development and valuing natural resources.
'The project will strengthen the institutional capacities of both ministries for an integrated management of mineral and natural resources and enhanced benefits from the mining and environment sectors,' said Maria Sarraf, Practice Manager, World Bank.
It is hoped that protecting ecosystems will build the resilience of Guinea's rural populations and help them adapt to the impacts of climate change.
'This project will help diversify Guinea's economy and continue to promote a sustainable development approach in the mining sector' said Nestor Coffi, World BankCountry Manager for Guinea. 'It is a first for the country and it reaffirms the World Bank's commitment to inclusive growth.'
* The World Bank's International Development Association (IDA), established in 1960, helps the world's poorest countries by providing grants and low to zero-interest loans for projects and programs that boost economic growth, reduce poverty, and improve poor people's lives. IDA is one of the largest sources of assistance for the world's 76 poorest countries, 39 of which are in Africa. Resources from IDA bring positive change to the 1.6 billion people who live in IDA countries. Since 1960, IDA has supported development work in 113 countries. Annual commitments have averaged about $21 billion over the last three years, with about 61 percent going to Africa.