The Government of Sierra Leone through World Bank Support has
disbursed a grant of Fourteen Billion Three Hundred and Seventy Four Million
Five Hundred Thousand Leones (Le 14, 374, 500,000) to Twenty Five (25) Small and
Medium Enterprises (SMEs) across the country.
The grant is part of Sierra Leone’s Agro Processing
Competitiveness Project to promote SMEs in agro-business, according to the
Minister of Trade & Industry Dr. Hinga Sandi during his key note address in
the symbolic disbursement of Grants to
cohort one SMEs at the Eden Resort in
the Western Rural District on last Friday.
While commending the World Bank for adding another layer in
the country’s agro business, Dr. Sandi said the government has developed a National
Microcredit Scheme targeting Small & Medium Enterprises and stressed the
need to develop our local enterprises.
He went further to state that in estimation Sierra Leone
spends USD 400 million in importation of food items and USD 200 Million in
importation of rice despite its viable land.
He said the government is working assiduously to overturn these figures.
On the synopsis of Sierra Leone Agro Processing
Competitiveness Project, Programme Coordinator, Dr. Martin Gbonda said
agro-business is the fastest growing business in the country’s economy as it
constitutes 57% of the Country’s GDPand 90% of population in the rural areas
engages in Agro business. He said the project if invested in will save the
government billions of Leones from importing food items.
Dr. Gbonda said SMEs are facing challenges to growth in
Sierra Leone including: low access to information, poor infrastructure, limited
access to finance, and weak capacity to scale up businesses. These constraints,
according to him, disproportionately impact women entrepreneurs. He therefore commended
the government and its partners for setting the platform for the growth for
Small and Medium Enterprises in the agro business as the project hopes to
address them through public goods investment, SME and start-up acceleration,
and early-stage financing.
On her part, Deputy Minister of Finance Patricia Lavalie assured
the SMEs of her ministry’s support and urged that the money is used for the
intended purpose.
Agro Processing Competitiveness Project is part of Sierra
Leone Economic Diversification Project that will help strengthen the business
enabling environment by promoting reforms to facilitate business entry and
operation, facilitate strategic public investments to improve competitiveness
and private investments, support SMEs and entrepreneurs, and build the capacity
of public institutions and private sector operators.
The project is consistent with the Government’s Medium-Term
National Development Plan (2019-2023) and its strategic objective to prioritize
private sector-led growth for job creation, poverty reduction and economic
diversification.
