Guinea has announced plans to issue a $500 million sovereign sukuk to finance key development projects, according to the Ministry of Economy and Finance of Guinea on March 21.
Officials held preliminary discussions with financial advisory firm NOMAD AFIIP to assess the structure and feasibility of the sukuk issuance. The initiative aligns with Guinea’s “B+” sovereign rating with a positive outlook and is intended to attract private-sector investment in infrastructure, energy, and transport projects under the Simandou 2040 development program.
Finance Minister Mariama Ciré Sylla said the sukuk would help diversify Guinea’s funding sources, increase visibility among global investors, and support long-term economic transformation. NOMAD AFIIP is expected to assist in designing the legal and institutional framework to attract foreign investment.
The Simandou 2040 program, now enshrined in law, is a 36-reform, 122-project plan centered on the development of the Simandou iron ore project, one of the world’s largest untapped deposits. The initiative is structured in three phases:
– Phase 1 (through 2030): Over $65 billion in spending on infrastructure, energy, agriculture, education, and tourism.
– Phase 2 (2030–2035): Focus on economic diversification and developing local processing industries.
– Phase 3 (post-2035): Strengthening integration into regional and global markets.
The program is expected to require over $200 billion in investment. Guinea’s economy has shown strong growth in recent years, driven largely by mining. Real GDP grew by 7.1% in 2023, 5.7% in 2024, and is estimated at 6.5% in 2025. Growth is projected to accelerate to around 10% on average between 2026 and 2027 as the Simandou project scales up.
The sukuk issuance represents a major step in Guinea’s strategy to mobilize private capital for sustainable development while expanding access to global financial markets.
