Stability in Bissau expected to ameliorate after donations
By Alan Green
Donors from around the world vowed to fund a decade-long plan designed to establish political stability in Guinea-Bissau, pledging over one billion euros on Wednesday. Although it has received less than its request for at least $1.8 billion, Guinea-Bissau will use the donations to finance 115 projects between 2015 and 2025.
At a Brussels conference hosted by the European Union, donors showed support for Guinea-Bissau’s decade-long plan as they “pledged over one billion euros of financial support for achieving its goals,” says the European Commission’s development department.
Guinea-Bissau’s president, Jose Mario Vaz, emphasized the significance of the donations during the conference, stating that they will enable the West African country to “no longer be a burden on the international community.”
Having now removed the restrictions it imposed on Guinea-Bissau back in 2011, the European Union has vowed to give the West African nation 160 million euros in assistance.
Geraldo Martins, Guinea-Bissau’s finance minister, told the news agency Reuters that the decade-long plan would assist the West African country in attracting tourists and investors.
Guinea-Bissau, a country that has yet to have a leader complete a five-year term since achieving independence in 1974, has developed a reputation as a “narco-state” for its involvement in trafficking Latin American cocaine to Europe.
The International Monetary Fund has projected economic growth in Guinea-Bissau to reach 4.7 in 2015—an increase of 2.6 percent from last year.