It remains one of West Africa’s hidden gems – but perhaps not for long. With an abundance of natural resources, Guinea is poised to become a regional economic power of note, leveraging its strategic location and the availability of huge tracts of fertile soil, plenty of water, and a benign climate to kickstart its agroindustry. The country also intends to revitalise its promising fishing sector and extractive industry.
Rich in bauxite, gold, diamonds, and many other minerals, Guinea now has a masterplan for its development which is being implemented with the help of multilateral financiers and their domestic counterpart, the Banque de Développement de Guinée (BDG). The privately-owned bank aims to provide funds for the accelerated development of the country by underwriting major infrastructure projects such as the expansion of the port of Conakry and the building of expressways linking the country’s major urban centres.
BDG also initiated a sustained push to increase Guinea’s power generating capacity and, in tandem, upgrade the national grid. In the mining sector, the pillar on which the local economy rests, the bank supports both artisan and large-scale mining operations. As the country’s principal investment bank, BDG has been assigned a major role in Guinea’s poverty reduction programmes. Its operations, based on well-established global best practices, has enabled the bank to sustain a large social impact and help create an emergent middle class that is set to become the driver of Guinea’s development.
The CFI.co judging panel notes that BDG is a key player in all sectors crucial to securing a prosperous future for Guinea: agriculture, infrastructure, mining, and energy. The judges declare Banque de Développement de Guinée winner of the 2018 Best Socio-Economic Impact Bank West Africa Award.
