The Economic Community of West African States Bank for Investment and Development, or EBID, has signed a financing agreement with the Republic of Guinea covering six priority projects valued at more than €310.5 million ($387.9 million) under Guinea’s national development plan, Simandou 2040.
The memorandum of understanding was signed April 8 in Accra, Ghana, on the sidelines of EBID’s 24th annual general meeting of the board of governors by EBID President George Agyekum Donkor and Guinea’s minister of planning, development, and international cooperation, Ismael Nabé.
The six projects span transport infrastructure in Conakry, agricultural mechanization and poultry value chains, land cadastre modernization and construction of 80 megawatts of photovoltaic solar capacity across four regions.
Donkor said EBID remained committed to supporting Guinea’s economic transformation through high-impact investments that promote inclusive growth and regional integration.
Nabé said the agreement represented a key step in the country’s development agenda and pledged swift implementation to deliver results for Guineans.
Simandou 2040 anchors Guinea’s strategy to convert its natural resource endowment, including the Simandou iron ore deposit, one of the largest untapped reserves in the world, into a diversified economic platform.
The plan was conceived under President Mamadi Doumbouya’s vision of transforming Guinea’s natural resources into an engine of economic sovereignty and long-term prosperity.
Simandou 2040 is structured across three phases. During the first phase, from 2025 to 2030, Guinea plans to deploy $65 billion in investments, with $20 billion directed toward the integrated Simandou mining project and the remainder targeting roads, rail, special economic zones, agriculture, energy, education and tourism.
The second phase, from 2030 to 2035, focuses on diversifying the economy through agro-industrial processing, mining value addition and tourism development.
The third phase, from 2035 to 2040, targets regional integration and the international expansion of Guinean industrial champions.
The total investment across all three phases exceeds $200 billion.
