The Bank for Investment and Development of the Economic Community of West African States may fund private sector projects in Guinea-Bissau starting at US$1 million, Portuguese news agency Lusa reports, citing a bank official.

The official met with entrepreneurs from different industries at the government palace in Bissau, and explained ways of gaining access to the loans, according to Lusa.

Degol Mendes, Guinean Secretary of State for Planning and Regional Integration, was quoted saying the country’s private sector “has an opportunity” to re-invent itself with these new funds.

Any entrepreneur, provided they reside in Guinea-Bissau, may submit an application for funding, said Mr Mendes, warning only that the projects should be worth at least US$1 million and be in line with requirements.

To be funded, applicants must submit feasibility and social and economic impact studies for the location of their projects, Lusa said.

Portugal this week said it would provide 6.8 million euros (US$8.4 million) to Guinea-Bissau, under an “emergency plan”. It represents the “full resumption of Portuguese cooperation,” said the office of Portugal’s Prime Minister Pedro Passos Coelho. Mr Passos Coelho met with Guinean prime minister Domingos Simões Pereira in Lisbon earlier this week.

The International Monetary Fund has also approved a loan of US$5.4 million to Guinea-Bissau for the government to make urgent payments, the financial institution said in a statement issued on November 3.