World Bank suspends infrastructure funds for Guinea-Bissau

The World Bank cut $15 million in funds for power, water supply, road and highway construction projects in Guinea-Bissau, citing governance and oversight issues associated with energy deals entered into by the government. The bank warned that the latest development “may also affect complementary support from other donors with further implications for the government’s financing plans for 2007.” In addition, it deferred discussions on proposed budgetary support for the African nation. The bank, however, stressed that the decision will not affect funding for other projects, such as in the health and environment sectors, for which it has earmarked $66.7 million.

Source: World Bank cuts infrastructure funding in Guinea Bissau (The Associated Press)

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