The Minister of Planning and International Cooperation, Ismael Nabe announced that Guinea plans to combine the revenues from its huge Simandou iron ore reserve in a sovereign wealth fund to finance development projects under its Simandou 2040 program.

The fund will finance development projects under its Simandou 2040 program and prioritize agriculture, education, health, and infrastructure, including a large-scale railway connecting mining and agricultural regions to the Port of Conakry. Simandou is expected to start producing at the beginning of 2026. It is the largest untapped iron ore deposit in the world. The Simandou deposit is estimated to contain 8 billion tons of iron ore and is expected to produce 160 million tons per year, which could transform Guinea's economy. The project marks a turning point for the country, as it offers considerable economic and infrastructure development potential.