Guinea's Minister of Planning and International Cooperation, Rose Paula Braisemo, announced that the African nation is seeking to raise four billion dollars in the UAE this week to finance development projects. Officials from the ruling military council, which seized power in 2021, are meeting with officials from development funds and investors in Dubai to finance infrastructure, healthcare, and education projects.
Braisemo told Reuters on Thursday evening after a meeting with development fund officials and investors, "We are on a good path to raise what we expect." She added that the anticipated funds for her country will amount to about four billion dollars, noting that Gulf funds are among those that have promised financing. The meetings began on Thursday and will conclude on Friday.
Guinea is a major producer of bauxite, the raw material used in aluminum production. Emirates Global Aluminum, a state-owned company, is a major investor in the West African nation. The military government in Guinea has stated that it will return power to a democratically elected government in a process that will take years. However, critics are frustrated with the pace of the transitional process, arguing that the military council is suppressing freedoms.
Braisemo stated that her country's officials clarified to investors and fund officials in Dubai that the military council is undergoing a transitional phase and is focusing on addressing corruption, inequality, and building strong political institutions. She said, "We want to achieve peace in Guinea."
