Guinea Bissau’s government starts paying its debts to local business owners

10 March 2010

Bissau, Guinea Bissau, 10 March – The Guinea Bissau government Tuesday began paying of a debt of 3.5 billion CFA francs (4.5 million euros) to the private sector with a view to paying of the debt it built up to local business owners between 1974 and 1999.

The debt accumulated in that time totals some 18 billion CFA francs (27.4 million euros).

The agreement for payment of the so-called audited debt was signed Tuesday in Bissau by the Guinean finance minister, José Mário Vaz, and by the president of the Chamber of Commerce, Industry and Agriculture (CCIA, Braima Camará.

The Finance minister said that with the money now paid the private sector would be able to take part in the sales campaign for cashew nuts, the country’s main export product, which is due to begin on 27 March. (macauhub)