Promoting economic development in Guinea is a priority. It ranks in the bottom five countries in the world according to the World Bank’s Ease of Doing Business Index, and one of the main constraints is access to credit. USAID Guinea’s Development Credit Authority, which totals $5 Million over five years, provides a 50 percent guarantee on all loans issued to traditionally underserved populations, such as small and medium enterprises, microfinance institutions and farmers. Another program supports microenterprises and village savings and loan banks, and focuses on raising the living standards of women and ensuring food security.
Since the transition to democracy in December 2010, Guinea has made dramatic improvements in macroeconomic governance and public financial management. As a result of the improved public management, the nation was formally approved for billions of dollars in debt forgiveness under the World Bank’ Highly Indebted Poor Country program. We support these important efforts to increase fiscal transparency by collaborating with the U.S. Treasury to provide internal debt issuance and management advisory services to the Government of Guinea.
In 2013, we launched a groundbreaking vocational training program for women and girls to challenge the prevailing academic and economic opportunities vulnerable groups. In partnership with UNICEF and the government of Guinea, USAID aims to enhance the employment potential of adolescent girls by allowing young women to acquire marketable skills, access sustainable income stream opportunities, and participate more fully and productively in community life. Due to the short duration of the pilot initiative, we actively engage with the private sector to ensure sustainability of the activity.
Last updated: November 20, 2014