Guinea to revive juice factory built with Libyan aid

The decision was made during a cabinet meeting chaired by President Alpha Conde.

Guinea’s Minister for Industry and Small and Medium Size Enterprises Boubacar Barry said he will soon announce what the government will contribute towards the revival of the factory.

Barry said at the signing of the agreement to set up the factory in 1976 between Guinean and Libyan governments, the capital was equally split between the two states at 50 percent.

However, in 1993, the company was recapitalized due to losses, and Libya’s shareholding was increased to 75 percent while Guinea’s share capital reduced to 25 percent.

The industry minister said the factory continued to register losses for several years, leading to its closure about three years ago. However, its workers have continued to receive their salaries.

This is why he said it was important to put in place an inter-ministerial committee to discuss ways to revive the factory. Enditem

Source: Xinhua