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IFC supports the development of the private sector in Guinea by underscoring the investment climate and the growth of economic spinoffs from the mining sector

Conakry, Guinea, 10 January 2013 – IFC, a member of the World Bank Group, has committed to supporting the private sector in Guinea, particularly by strengthening local enterprise’s capacity to supply mining operators with goods and service, and by supporting the government’s efforts to improve the country’s investment climate. While on visit in Conakry, Bernard Sheahan, interim Vice-President of IFC for Sub-Saharan Africa, Latin America, the Caribbean and Western Europe, met with President Alpha Condé and Prime Minister Mohamed Saïd Fofana, in the presence of several members of government, to talk about the challenges faced by Guinea in developing its business sector and attracting investment.
“In the eyes of IFC, Guinea is entering an era of consolidation. Thanks to its political stability, investors are beginning to look to Guinea, and local enterprise is beginning to prosper. We worked with the government and the private sector to try and identify the main remaining obstacles so as to determine how IFC might contribute to a substantial increase in investment and sustainable growth in Guinea.”
IFC currently manages investments in Guinea totalling over 180 million dollars, mostly in the mining and banking sectors. IFC supplies advisory services to the government for improving its investment climate, and through its Business Edge programme, IFC advises SMEs in business management. Working in close partnership with Rio Tinto Simfer, IFC also has a programme to strengthen local suppliers’ capacities.
During his visit, Mr. Sheahan met with several representatives of the Guinean government. He also met with financial backers and representatives of the private sector with whom he discussed the difficulties encountered by Guinean businesses and possible alternatives. These include difficulties accessing funding, a legal framework that requires reform and the need to foster public-private dialogue.  
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit .
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