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AfricaJanuary 2 2006

What the bankers say: Guinea

The Banker invites CEOs from around the world to discuss the economic climate in their country and institution, and their hopes for the future
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International Commercial Bank

Sashidharan Nair, CEO

1. What makes your country attractive to investors? 

Guinea has good resources with potential for hydroelectricity, fertile soil, 300km of coastline, 40% of world reserves of bauxite, diamond, gold, iron ore and hydrocarbon prospects. Some effort has been made to attract investors but more can be done.

2. What are the economic prospects for your country over the next three to five years? 

ECOWAS is aiming for more social, economic, industrial, and financial integration through the creation of a single currency zone, merging the Economic and Monetary Union of West Africa, and the creation of a second West Africa Monetary Zone (WAMZ). During the next four years, the countries that are involved in WAMZ will have to strengthen their overall economy and public finances. The economic prospects will also depend on exploiting and developing Guinea’s natural resources.

 3. How do you foresee the financial sector in your country changing? 

It is striving to come up to standard in terms of innovation, range of services, practices and procedures as well as technology. Investment requirements for new technology will call for the strengthening of the capital and financial base.

 4. What role will your bank play in your country’s future development? 

ICB endeavours to earn a greater market share in the most profitable areas of the banking and the financial industry with commitment towards better satisfaction for all stakeholders. The bank is expected to concentrate on SME financing and also have a special focus on the export sector. These sectors are generally the engines of growth in the economy.

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Read more about:  Africa , Guinea