Guinea Bissau to reduce dependence on foreign aid

Guinea Bissau's Economy and Finance Minister Geraldo Martins said on Wednesday that the country still needs foreign aid, but its objective is to reduce this dependence.

Martins was speaking to a local television station, in readiness for the roundtable with the country's partners on March 25 in Bruxelles.

The minister said Guinea Bissau was currently able to generate 63 billion CFA Francs (about 102 million U.S. dollars) internally to fund its annual budget of 148 billion CFA Francs.

He said the government's objective is to generate internally 81 billion CFA Francs next year and hit 100 billion CFA Francs the year after.

To achieve this, he urged the international community to fund projects that will help to grow the country's economy and create jobs.

Factors that attract investors are peace and stability, the minister said, adding that Guinea Bissau will present to donors the 10 year Strategic Plan (2015-2025), that will show the sectors the government considers as priority. The sectors include infrastructure, agriculture, urban development, human development and biodiversity.

"The donors' conference will serve as a platform for the country to present its programs and projects to development partners, and to appeal to them to support those programs and projects," Martins concluded. Endi