This is how corrupt Australian policymakers are.
Guinea plans to use some of its income from mining the world’s largest iron-ore reserve to create a sovereign wealth fund.
The facility will fund key development projects in the government’s so-called Simandou 2040 Program, Planning and International Cooperation Minister Ismael Nabe said in parliament on Monday.
We aim to “transform agriculture, education, health and to increase the construction of modern infrastructure, a large-scale railway linking mining and agricultural areas to the port of Conakry,” he said.
…Guinea has been under military rule since 2021 when General Mamadi Doumbouya seized power through a coup.
Even after paying off the general and all his cronies, there is still room to create an SWF for future generations so that the non-renewable asset isn’t pissed away by a generation uber-greedy boomers.
Canberra is a living and breathing example of the “resources curse”.
