African Development Bank President Confirmed over US$700 Million Subsidized in Sierra Leone

By Abdul Rahman Bangura –

Photo Credit: Visit Sierra Leone

NEW AFRICA BUSINESS NEWS ( NABN ) Freetown, Sierra Leonne- Akinwumi A. Adesina – President of the African Development Bank (AfDB), asserts, the Bank financed additional $700 million in Sierra Leone and that, the portfolio of the bank in Sierra Leone is approximately $100 million; recounting that, areas supported are Water and Sanitation, Energy, Infrastructure and Social Inclusion. The Bank’s President was affirming during a press conference at State House observing his two-day visit to Sierra Leone.

The call of the AfDB President, cited a recourse for Sierra Leone to exacerbate dialogue on considerable veneers, specifically on how the Bank could boost the Western African Nation to execute the 2019-2023 National Development Plan concentrating on human capital advancement.

The AfDB chief remarked that, they have been funding support for Sierra Leone since 1967 and that, Sierra Leone is one of its founding partners, summing up that, they are also endorsing the private sector and the Finance Ministry and the Central Bank for financial inclusion. He upheld that, the bank has also been subsidizing inter-connection that links Sierra Leone, Liberia, Guinea and Ivory Coast which is about 1,360 km of transmission that provides access to Sierra Leone with about 46MW electricity.

“We are also financing the distribution between Kenema and Bo which is $13million dollars; the power inter-connection I am talking about is $30 million15 thousand households will be having electricity,” he noted.

Agriculture, according to the AfDB boss is another way they have been financing, noting that, Sierra Leone has massive abandoned potentials in agriculture.

“The bank has been financing agric-business value chain for rice in the country with $11 million; and we are going to do more for agriculture in Sierra Leone,” he stated.

He divulged that, they will be financing reasonably in boosting Sierra Leone on outstanding agro-industrial ventures that have infrastructure to bolster food and agriculture in the country.

Minister of Finance Jacob Jusu Saffa noted, the visit of the AfDB President to the country is about the certainty he reposes in the current administration and his intention to finance the country.

“I am not sure if we have ever hosted the President of the AfDB in this grand style; Sierra Leone is one of the founding members of the bank and we continue to enjoy the good relationship” he expanded.

The he African Development Bank President announced that, the Bank will evaluate part funding of the Lungi Bridge project, adding that, they will study the contract once it is drawn and consider the options.

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