World Bank finances Ministry of Finance in Guinea-Bissau

20 May 2015

The government of Guinea-Bissau and the World Bank Tuesday in Bissau signed a US$3.5 million financing agreement for a project to boost the capacity of the country’s Finance Ministry.

The document was signed by Vera Songwe, the World Bank Operations Director for Guinea-Bissau, Senegal, Cabo Verde (Cape Verde), Mauritania and Gambia and the Minister of Economy and Finance of Guinea-Bissau, Geraldo Martins.

The minister pointed out that the project “is very important as it will lay the foundations for strengthening public financial management, particularly in two key areas, the collection of revenue and expenditure management.”

With regard to revenue collection this project will focus on supporting the Directorate of Taxation, Customs and Treasury and expenditure management support will focus on the Directorate of Budget and Fiscal Affairs, and others within the ministry.

In a meeting prior to the signing of the financing agreement, the government and the World Bank mission led by Vera Songwe sought to identify projects and programmes that will absorb the US$250 million pledged by the institution at a Brussels roundtable meeting.

“The World Bank has renewed its promise to support Guinea-Bissau with US$250 million pledged in Brussels,” said Minister Geraldo Martins revealed adding that the government is more concerned with identifying concrete projects and programmes that will benefit from the funding. (macauhub/GW)