Guinea: World Bank Provides Support to Improve the Management of Mining and Natural Resources 05/27/2021 | 10:38am EDT Send by mail : Message : Required fields WASHINGTON, May 26, 2021 - The World Bank Board of Directors approved today $65 million from the International Development Association (IDA) for the Natural Resources, Mining and Environmental Management Project in Guinea. This project will support Guinea to protect and invest in its natural capital. Activities will focus on environmental management and technical assistance for a sustainable development of the mining sector. Guinea has an abundance of natural resources: it is the source of several major rivers, and has exceptional biodiversity, the third of the world's bauxite reserves, significant gold, diamond, and oil resources. Despite its rich endowment, Guinea's per capita Gross Domestic Product (GDP) of $962 is much lower than the region's average of $1,600. Mining is the main driver of economic growth and contributes 35 percent to the GDP. The project will promote collaboration between the Ministry of Environment, Water and Forests and the Ministry of Mining and Geology in order to manage trade-offs between boosting economic development and valuing natural resources.