“We have now decided to devote 15 percent of mining revenues to funding local governments through the National Agency for Community Financing (Anafic). This project, with a budget of 700 billion Guinean francs (45.1 billion CFA francs), is intended to boost development in these mining regions,” Alpha Condé said on Tuesday night in Conakry.
The president, in his message to the Nation on the eve of the celebration of the 61st anniversary of Guinea’s independence, added that this program will be implemented in “the respect of environmental standards and transparency of the mining industry.”
In addition, Alpha Conde informed that this new policy includes the economic, financial and social inclusion needed to fight poverty, with the help of technical and financial partners, such as the World Bank.
Thus, “US$104 million (62.5 billion CFA francs) have already been mobilized. Internal resources will also be leveraged by the government’s efforts to improve tax collection, which is expected to increase from 13 percent to 15 percent of Gross Domestic Product (GDP), in line with the recommendations of the Addis Ababa Conference (Ethiopia) on financing for development,” the President of the Republic said.