African investment bank available to fund projects in Guinea-Bissau

6 November 2014

The Bank for Investment and Development of the Economic Community of West African States (EBID-ECOWAS) is available to fund private sector projects in Guinea-Bissau starting at US$1 million, a bank official said in Bissau.

The official met with entrepreneurs from different industries at the government palace in Bissau, and explained ways of gaining access to the loans, according to Portuguese news agency Lusa.

At the meeting, the Guinean Secretary of State for Planning and Regional Integration, Degol Mendes, said the country’s private sector “has an opportunity here” to re-launch itself, since the EBID is “ready” to finance projects.

Any entrepreneur, provided they reside in Guinea-Bissau, may submit an application for funding, said Mendes, warning only that the projects should be worth at least US$1 million and be in line with requirements.

To be funded, applicants must submit feasibility and social and economic impact studies for the location of their projects.

The EBID was created in 1976, but this is the first time that it has offered funding for private sector projects in Guinea-Bissau. (macauhub/GW)