World Bank says fresh funds for Guinea-Bissau depend on economic reforms

13 August 2007

Bissau, Guinea-Bissau, 13 Aug – The World Bank has said the unblocking of funds for Guinea-Bissau is contingent on the government of the West African state approving new legislation to regulate the private sector.

Carlos Varela Casimiro, the World Bank’s representative in Bissau, said Friday that the unblocking of US$ 10 million already pledged to Guinea would depend on the Guinean government introducing new laws to liberalize the country’s business environment.

Among these economic reforms are the interconnection of Guinea’s three telecoms operators and other measures to improve regulation of this sector, as well as an overall improvement in phone services.

The World Bank set up a project to rehabilitate and develop Guinea’s private sector in the wake of the country’s civil year-long civil war that ended in 1999. The bank has also pressed for legal reforms, especially the creation of a new Investment Code. (macauhub)