Guinea invests more than €3 million for the development of the cotton industry
The Guinean government has invested 30 billion Guinean francs (€3.2 million) to stimulate the development of the cotton sector.The Guinean government has invested 30 billion Guinean francs (€3.2 million) to stimulate the development of the cotton sector.
Approximately €2.5 million have been allocated to the purchase of inputs and the sale of cotton production, Xinhua news agency reports.
The remaining €700 000 will help finance the Cotton Project, established by the Guinean government, which grants loans to farmers.
Kaba Bakary, Deputy Head of the Cotton Project, announced on the national radio that the funds will be released by the end of March to enable farmers to "purchase inputs, start the ginning process and sell their production".
Guinea wants to make its cotton, recognized on the international market with the label cotton IKAF Guinea, an engine of socio-economic development.
The country's economy is dominated by agriculture, with about 80 per cent of the population living from this industry.