Guinea-Bissau launches financing programme to promote private sector

30 April 2015

The Guinea-Bissau Secretary of State for Planning and Regional Integration and the International Finance Corporation (IFC) recently in Bissau signed a cooperation agreement that led to the launch and the opening of the “Africa Leasing Facility II” programme in Guinea-Bissau.

The agreement was signed by the State Secretary of Planning and Regional Integration of Guinea-Bissau, Degol Mendes and Jérôme Cretegny, on behalf of the IFC, of the World Bank group, in the presence of businessmen and representatives of the domestic private sector.

The programme will establish and promote a leasing system that meets the financing needs of small and medium enterprises (SMEs) and micro-enterprises (ME), making them better equipped to contribute significantly to post-conflict reconstruction of Guinea-Bissau.

The IFC will provide consulting services to various stakeholders and will support the Guinea-Bissau government in the reform of the country’s legislative and regulatory framework for granting credit and to strengthen technical partners to ensure more effective access to credit for SMEs and MEs.

The International Finance Corporation in 2014 provided over US$22 billion in funding to improve living conditions in developing countries and solve their most pressing challenges, and is exclusively focused on supporting the private sector. (macauhub/GW)