Guinea Bissau receives $ 12 million in support from ADB

Guinea Bissau will receive funding of $ 12 million from the African Development Bank (AfDB) intended to support the economic recovery in Guinea-Bissau within the framework of covid-19.

Since the start of the pandemic, the country has recorded 2,444 positive cases since the start of the pandemic, according to data from the High Commission for Covid-19. The Covid-19 has severely impacted the cashew nut marketing campaign, the country’s main export product, a sector that employs more than 80% of Guineans directly or indirectly.

For the year 2020, Guinea-Bissau will record negative economic growth of -2.9% in 2020 and internal state revenues have fallen by around 30%, according to Finance Minister João Fadia.

In its note, the AfDB indicates that it has approved aid of 172 million dollars in several areas to support President Umaro Sissoco Embaló in the years to come, in the implementation of his country’s development plan.

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