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Guniea to get $15m from World Bank to boost its agric sector

Guniea to get $15m from World Bank to boost its agric sector

Guinea

Guniea is expected to receive $15 million dollars from the World Bank to support the country’s economy after it was battered by the Ebola epidemic.

The funds will go towards the agricultural sector which according to estimates, contributes nearly 15 percent to the GDP of the West African nation.

The investment is part of a national plan that focuses on all aspects of agriculture, an official source said.

Analysts say that 25 percent of the land in Guinea is arable and at least 30 percent of the land is effectively cultivated each year, while 80 percent of the population is heavily dependent on the agricultural sector.

Earlier in May, the World Bank said that the devastating effects of the Ebola crisis cost Guniea a $ 600 million loss in the country’s GDP.

The country sits atop some of world’s largest untapped iron reserves but remains among the poorest in the region.

The International Monetary Fund (IMF) estimates that Guinea’s economy will grow by 3.7 percent this year while inflation will remain in single digits as the West African nation slowly emerges from the worst Ebola epidemic on record.

Press Agencies