On June 25, in Abidjan, Côte d’Ivoire, the African Development Fund approved a $14 million loan to foster industrial growth and support small and medium-sized enterprises (SMEs) in Guinea. This funding, sourced from Pillar 1 of the Transition Support Facility—a tool designed for fragile or transitional countries—aims to bolster Guinea’s institutional capacities for industrial development and enhance SME resilience.
The loan will particularly benefit women and young people by strengthening the private sector support ecosystem, thereby allowing them to capitalize on the new industrial policy and local content law provisions. The project’s primary objective is to address the current lack of institutional capacity necessary to guide and implement industrial policy at both macro and microeconomic levels.
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Ousmane Fall, Director of the Industrial Development and Trade Department at the African Development Bank (ADB), highlighted that this support will help Guinea tackle the root causes of fragility and build long-term resilience. The focus will be on sustainable and inclusive industrialization, private sector development, and fostering a peaceful and resilient society.
Guinea’s untapped industrial potential necessitates enhanced capacities to develop new productive capabilities, diversify the economy, and create jobs. The project encompasses three components: capacity-building for policy planning and implementation, integrated support for resilience and SME growth, and project management and coordination. It aligns with the ADB Group’s ongoing initiatives in Guinea, including agro-industry development, private sector formalization, and entrepreneurship promotion among youth and women.
