The World Bank finances the improvement of the Guinean public sector with 10 million.

The provision of these funds marks the return of the Development Policy Financing (DPF) instrument to Guinea-Bissau after a 15-year hiatus and “represents a significant milestone for the country,” according to a statement from the World Bank.

The document notes the decision made on May 2 by the World Bank’s Board of Directors, which on that date approved a grant of $10 million aimed at strengthening fiscal governance and improving public service delivery in Guinea-Bissau.

The statement indicates that the “DPF supports the Government of Guinea-Bissau in reinforcing public finance management, encouraging the mobilization of domestic revenues, enhancing the viability of energy and water services, and promoting digital growth.”

The World Bank elaborates that this financing “facilitates reforms aimed at enhancing transparency and accountability, implementing the Value Added Tax (VAT) law, and establishing a Single Treasury Account.”

“It also facilitates reforms to improve digital infrastructure, enhance the performance of public electricity and water services, and prioritize the adoption of environmentally sustainable energy sources,” it adds.

Rosa Brito, the World Bank Group Resident Representative in Guinea-Bissau, is quoted in the statement saying, “this approval marks the return of the Development Policy Financing instrument to Guinea-Bissau after a 15-year interval and represents a significant milestone for the country.”

The representative emphasizes that the financing was carefully prepared and aligned with the World Bank’s current commitments in Guinea-Bissau and is based on existing projects in areas of public sector strengthening, digital development, and energy.

Furthermore, it is mentioned that the approval demonstrates “the World Bank’s continued commitment to supporting the country’s development goals.”

The DPF is expected to produce transformative results in digital connectivity, public finances, and the delivery of essential services, the statement reads.

The World Bank also specifies that this financing supports the Guinean government’s effective management and development of the national fiber optic infrastructure, thus expanding network coverage and reducing internet costs.

The implementation of the VAT law is also expected to “significantly increase domestic revenues, thereby creating fiscal space for greater investment in priority sectors such as education, health, and social protection.” Simultaneously, reforms in the energy sector aim to reduce electricity costs and increase the use of renewable energies, it adds.

The World Bank concludes that “improving access to reliable energy and digital services is expected to support private sector development, stimulate economic growth, and contribute to long-term sustainable development.”

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