Guinea-Bissau confident of success of the international donors meeting

12 March 2015

The Minister of Economy and Finance of Guinea-Bissau said Monday he was confident in the success of an international donor meeting to be held on 25 June in Brussels with European Union support, reported the Guinea Bissau News Agency.

Minister Geraldo Martins admitted, however, that the round table by itself would not solve “all the problems of the country.”

Martins said the “pillars” of the Strategy Document to be presented at the international conference were governance, infrastructure, agricultural industrialisation and urban and human development, as well as biodiversity.

The purpose of the meeting, the minister said, is to raise funds to finance projects that generate wealth and employment, so that Guinea-Bissau in the future and with its own funds, can finance its own projects.

Martins warned that the country was unable to self-finance its development process and cited, as an example, the 2015 State Budget in the amount of 148 billion CFA francs, of which the country has only 63 billion as domestic revenue.

This, according to the Finance Minister, illustrates Guinea-Bissau’s “high dependency” on foreign aid. (macauhub/GW)