The FINANCIAL — The World Bank Group and the Government of Guinea on July 11 announced the launch of a One Stop Shop facility for business procedures that will simplify and speed up the processing of licenses, permits and other approvals for mining and infrastructure projects, supporting economic growth in the country.
The One Stop Shop was established by the Government of Guinea, with support from the World Bank Group and the African Development Bank, to improve the country’s investment climate and encourage development of the mining sector, which spans bauxite, iron ore, and other minerals.
The new facility should dramatically reduce the time needed to acquire licenses, permits and other approvals for activities including environmental assessments, and road and railway construction. Case workers at the One Stop Shop will work with mining operators and government bodies to speed the licensing process. A dedicated website launched in conjunction with the One Stop Shop provides users instant access to information on licenses and other relevant materials, according to the World Bank.
“Establishing a One Stop Shop for processing permits and licenses for integrated mining projects is an important step forward for the reforms launched by the Government of Guinea to facilitate the efficient and rapid implementation of mining project and to make our country’s investment climate more attractive,” said Abdoulaye Magassouba, the Minister of Mines and Geology.
The World Bank Group is also helping Guinea introduce business reforms that will strengthen the license process to increase efficiency, effectiveness, transparency and predictability when dealing with investors and operators. The next phase will simplify and expedite the licensing process and procedures to ensure a client-friendly computerized OSS. These reforms will boost economic growth by directly benefitting the small and medium businesses that create jobs and innovate.
“We are pleased to accompany the Government’s efforts to lift binding constraints to private sector-led economic growth in Guinea, said Rashidi Radji, World Bank Country Manager for Guinea. “The One Stop Shop is a decisive step towards attaining Guinea’s goal to improve its business environment and will help mining operators save time and money, which will support economic growth.”
The World Bank Group has helped Guinea improve its business regulatory environment, making it easier and less costly for businesses to start, operate and grow informally. The assistance has included the implementation of reforms in areas such as launching and operating businesses, investment policy and tax reforms and the adoption of a new and modern investment code. The World Bank Group also helped the establishment of Guinea Business, the country’s premier platform for public private dialogue.