Conakry — Guinea faces acute problems in the supply of clean water and electricity to its citizens, slowing the country's economic development. A major project to address this is now under way, but some Guineans are sceptical of its promises.
Guinea enjoys more rainfall than any other country in West Africa; the country is known as the water tower of the sub-region, with the headwaters of the Niger, Senegal and Gambia rivers all found within its borders. The country's many rivers and tributaries should be valuable assets for the provision of fresh water, extensive irrigation agriculture, and large-scale hydroelectric power generation.
But despite its natural resources, this country of 10.6 million people faces problems providing adequate electricity and access to clean water for its development. With support from international lenders, Guinea is working to improve the potable water supply and to refurbish and extend the electricity network in the capital, Conakry, and beyond.
The people of Guinea better be careful and read the fine print. I know they need crucial economic development assistance, but this smells like IMF and Globalization. Just remember, everything that the Islamic Development Bank (IDB) and the African Development Bank does for Africa, is very risky in the long term. If they do decide to finance their future, any utility projects will probably come with an expensive "meter," and the loans will be very hard to repay. Plus, if they default ... well, you know what happens next. Here's a little more info w/url:
Foreign aid/development assistance involves the transfer of resources in whatever form from the developed
countries or multilateral financial institutions like World Bank, IMF, Islamic Development Bank (IDB) etc. to less
developed or developing countries for the purpose of promoting and stimulating their economies for growth and
development. Unfortunately, most of these countries, especially the African countries are characterized by
multiple problems such as bad leadership and governance, mismanagement and corruption, debt crisis,
insufficient and poor infrastructure, chronic poverty etc.; and all these problems have continued to make
nonsense of foreign aid’s judicious and optimal utilization and impact on their economies. However, considering
the position and role of IDB over the years in the global economic development; this paper examined the
developmental activities of IDB in Africa and some of the challenges for sustainable development. In line with the
Financial Two Gap Model (Double Deficit Model) and also the Islamic economic principle of Wide Circulation of
Wealth, this paper therefore argues that there are a lot of challenges confronting the continent, which the Bank
could assist in resolving through its development assistance, especially in the Muslim populated countries i.e.
African Muslim Countries (AMCs). Challenges like Human capital development (HCD), poverty alleviation,
corruption and mismanagement, infrastructural development, and good governance among others have enormous
implications for sustainable development in the continent. And hence, this paper recommends that IDB should
give more attention and priority to growth promoting types of foreign aid like program aid, sectoral aid, technical
assistance etc. rather than financial aid, which is often squander. Doing this would facilitate the development
process and by extension the desire for sustainability in the continent