Under the agreement the IFC will be the advisor on the operator selection process for a new company to run the national power distribution company Electricite de Guinee (EDG).
IFC will assist the government in identifying qualified companies and awarding the management contract for EDG. The mandate will be implemented in parallel with the World Bank's power sector recovery project, providing a huge boost to Guinea's efforts to improve EDG's performance and attract significant new investment in the country's power sector.
Guinea has identified the challenges in the power sector as a key impediment to the country's economic growth with access to electricity only 17% in urban areas and 3% in rural areas.
Kerfalla Yansane, Minister of State for Economy and Finance of the Republic of Guinea said, “We have signed important agreements including an advisory services contract with IFC, which is ready to help us develop public private partnerships, including the national electricity utility Electricite de Guinee."