Guinea and World Bank launch partnership to leverage Simandou iron-ore

The World Bank and Guinea have launched a new Country Partnership Framework (CPF) for 2027–2033, aimed at leveraging the country’s massive iron-ore reserves to drive economic diversification and sustainable growth.

Ousmane Diagana, World Bank Vice President for Western and Central Africa, emphasized that the Simandou mining project represents a historic opportunity to create jobs and investment rather than just exporting raw materials. The Simandou mines, which began production in November, are part of the world’s largest iron-ore reserve. The project involves various stakeholders, including the Baowu Winning Consortium Simandou and entities owned by Rio Tinto Plc and Aluminum Corp. of China (Chinalco).

The new partnership focuses on four key priorities: strengthening fiscal management, improving education and health outcomes, expanding energy and transport infrastructure, and increasing private sector investment. To support these goals, the World Bank Group will provide approximately $471 million in IDA financing during the first three years, utilizing a ‘One World Bank Group’ approach involving the IFC and MIGA to mobilize private capital. This strategy aligns with Guinea’s Simandou 2040 national development plan, which seeks to invest $300 billion across various sectors by the end of the next decade.