Law No. 13/2011 of 6 July 2011 Preamble The political and economic changes that have taken place in Guinea Bissau over the past two decades, including the rapid implementation of an open-market economy, the constitutional and institutional ratification of a multiparty democratic regime, the strengthening participation in the Economic Community for the Development of West African States (ECOWAS), as well as the country's accession to the West African Monetary Union (WAMU) and to the West African Economic and Monetary Union (WAEMU), required the revision of the Investment Code, approved by Decree-Law No. 4/91, of 14 October 1991. The current Investment Code, approved by Decree-Law No. 03/2009, of 31 December 2009, sought to outline a model that reflecting on the principles guiding a market economy makes the process of granting incentives more transparent and limits the scope of the contractual regime, source of uncertainty and arbitrariness, discouraging investment.