African Development Bank provides budgetary aid to Guinea Bissau

19 May 2010

Bissau, Guinea Bissau, 19 May – The African Development Bank (ADB) has provided US%8.5 million in funding to the Guinea Bissau budget, under the terms of an agreement signed Tuesday in Bissau.

The Economy Minister, Helena Embaló, said that the funding would make it possible for the government to move ahead with structural reforms, particularly in the area of public finance in order to “come to benefit from the 80 percent reduction in our foreign debt.”

The ceremony to hand over the financial aid was also attended by Portuguese ambassador, António Ricoca Freire, European Union representative, Franco Nulli and the United Nations Development Programme representative in Guinea Bissau, Giuseppina Mazza.

The Guinea Bissau government needs to implement a number of economic reforms in order to benefit from the pardon of around 80 percent of its foreign debt, which is currently estimated to total US$1.1 billion. (macauhub)