Includes how major projects are financed and gives examples where relevant. Explains activities of the multilateral development banks in and other aid-funded projects where procurement is open to U.S. bidders.
Last Published: 4/29/2019

First International Bank (FIBank) is changing names soon after being acquired by an American firm and is now the only U.S. bank operating in Guinea, but there are several other local banks with U.S. banking arrangements including:

  • Banque Internationale pour le Commerce et l’Industrie de Guinee (BICIGUI) operates with Citibank of New York, and the French American Banking Corporation Banque Nationale de Paris
Tel : (+224) 30 41 45 15
Email: dg.bicigui@bnpparibas.com
www.biciguinet.net
  • Societe Generale de Banque en Guinee, with SBG New York,
Tel : (+224) 30 41 17 46
www.sgbg.net
  • OraBank  formerly UIBG, a subsidiary of Credit Agricole Francais
www.orabank.net
Av. de la République - 5ème Bld. / 6ème Av.
BP 324 Conakry
T: 00 (224) 622 35 00 70
  • ECOBANK, a partner of Citibank
Tel: (+224) 30-45-58-76/ +224-30-45-58-77
Email: ecobankgn@ecobank.com
ECOBANK, a West African bank under partial Citibank ownership, has direct financing and transfer links with Citibank worldwide.  ECOBANK has gained the bulk of U.S. banking business in Guinea and has consistently been more accommodating to potential U.S.-based clients.
  • First International Bank
Cite Chemin de Fer PB 557
Tel : (224) 662 46 46 46
Director : Mady Conde
First International Bank (FIBank) in the process of being aquired by Lithium Capital of NewYork.

Project Financing

The six major commercial banks limit their activities to short and medium-term finance. Commercial interest rates are very high, averaging 20-30 percent, making commercial loans scarce and expensive.  A majority of these programs focus on helping local Guinean businesses and are therefore difficult for foreigners to access.  Most U.S. exporters dealing with Guinean importers receive direct payment through international transfer.  If not, exporters are encouraged to insist upon an irrevocable letter of credit before shipping products to Guinea.  Funding for larger projects or business expansions can be found through international lenders and development banks.  For example, the African Development Bank’s private-sector window also has some funding available for development-orientated business projects.  The Overseas Private Investment Corporation (OPIC) will accept invitations for investment projects in Guinea.  However, all contracts/projects that are “under review” by the government of Guinea are not eligible for consideration by OPIC.  The U.S. Trade and Development Agency (TDA) has a program to assist in the financing of feasibility studies that meet significant U.S. export criteria.

Multilateral Development Banks:

The U.S. Commercial Service maintains Commercial Liaison Offices in each of the main Multilateral Development Banks, including the African Development Bank and the World Bank. These institutions lend billions of dollars in developing countries on projects aimed at accelerating economic growth and social development by reducing poverty and inequality, improving health and education, and advancing infrastructure development. The Commercial Liaison Offices help American businesses learn how to get involved in bank-funded projects, and advocate on behalf of American bidders. Learn more by contacting the Commercial Liaison Offices to the African Development Bank and the World Bank.

Web Resources:

Commercial Liaison Office to the African Development Bank
Commercial Liaison Office to the World Bank

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