World Bank and Guinea launch new facility to support mining industry

11 July 2016 (Last Updated July 11th, 2016 18:30)

The World Bank Group and the Government of Guinea have launched a one-stop-shop facility to support the mining industry.

The World Bank Group and the Government of Guinea have launched a one-stop-shop facility to support the mining industry.

The new facility is meant for business procedures that will simplify and speed up the processing of licenses, permits and other approvals for mining projects.

Established by the Government of Guinea, with support from the World Bank and the African Development Bank, the facility would encourage mining sector development, which covers bauxite, iron ore, and other minerals.

"The one-stop-shop is a decisive step towards attaining Guinea’s goal to improve its business environment and will help mining operators save time and money, which will support economic growth."

With the new one-stop-shop facility in place, the time needed to acquire licenses, permits and other approvals for activities including environmental assessments, and construction of roads and railways is expected to come down.

The licensing process will speed up as case workers at the facility will work with mining operators and government bodies.

Guinea Minister of Mines and Geology Abdoulaye Magassouba said: “Establishing a one-stop-shop for processing permits and licenses for integrated mining projects is an important step forward for the reforms launched by the Government of Guinea to facilitate the efficient and rapid implementation of mining project and to make our country’s investment climate more attractive."

The World Bank Group is also helping Guinea introduce business reforms that will strengthen the license process and improve economic growth by benefitting the small and medium businesses that create jobs.

World Bank Guinea country manager Rashidi Radji said: “We are pleased to accompany the Government’s efforts to lift binding constraints to private sector-led economic growth in Guinea, said.

“The one-stop-shop is a decisive step towards attaining Guinea’s goal to improve its business environment and will help mining operators save time and money, which will support economic growth.”