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Vol 5 (AAC) No 6

Published 1st April 2012


Guinea

Condé wants quick results

Five-year plans, inspired and financed by China, are winning support in Conakry as pressure mounts on the government

Officials from the China Development Bank (CDB) are offering to finance a substantial part of the Conakry government’s US$8.6 billion overhaul of mining and industrial infratructure, according to a source close to negotiations. Chinese mining companies are looking at Guinea’s world-class reserves of iron ore and bauxite, and many of the proposed road, rail and electric power projects would be financed through countertrade for mineral exports. Since President Alpha Condé came to power in November 2010, his government has made little progress in unscrambling the many opaque mining and infrastructure contracts set up by successive military governments. There are fears that more countertrade agreements with Beijing could further complicate Conakry’s obligations.

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