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Sierra Leone to host development finance forum

May 25, 2017 By Hassan Gbassay Koroma

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The World Bank Country Manager to Sierra Leone, Parminder Brar, yesterday, May 24th, 2017, disclosed that for the first time Sierra Leone would be hosting  the International Development Finance Forum on Monday, 29th May, 2017 at the Bintumani International Conference Hall in Freetown.

He made the disclosure yesterday at his Howe Street Office in Freetown while updating the press about the development, adding that the forum would take place in three West Africa countries including Sierra Leone, Nigeria and Ghana.

He said Sierra Leoneans should be very proud of the event for the fact that the country was chosen partly, because it happens to be Chairman of the G7 Plus Group -a group of fragile countries.

 “The Development Finance Forum is a forum where they are going to discuss private sector investments in different sectors in Sierra Leone and I think one of the biggest challenges facing Sierra Leone is getting adequate financing for private sector projects,” he said.

He said under the International Development Association, two billion five hundred million United States Dollars would be available for supporting the private sector of fragile countries like Sierra Leone.

 He disclosed that two vice presidents from Washington would witness the forum.

The World Bank Country Manager said the responsibility  of the current vice of the Development Finance, Trotsenburg, was to raise financing for poor and developing countries like Sierra Leone, and that under his leadership as vice president, 75 billion United States Dollars was raised for  IDA countries for the next three years.

He noted that the forum would be a real opportunity for the private sector to tap into funding from World Bank and be able to develop industry and project in the country.

Also speaking, Frank Ajilore, the International Finance Corporation (IFC) Resident Representative to Sierra Leone, said the forum would consist four major components including the risk Mitigation facility which enables joint financing to come into the country.

He also cited Multilateral Investment Guarantee Agency (MIGA), which is a multi-agency by the World Bank that supports large scale investment.

He further cited the Local Currency Facility and the Bleaded Finance Facility (BFF).

The International Development Association (IDA) is part of the World Bank that helps the world’s poorest countries. Overseen by 173 shareholder nations, the IDA aims to reduce poverty by providing loans and grants for programs that boost economic growth, reduce inequalities, and improve people’s living conditions.

IDA complements the World Bank’s original lending arm -the International Bank for Reconstruction and Development (IBRD) and the IBRD was established to function as a self-sustaining business and provides loans and advice to middle-income and credit-worthy poor countries.

 IDA is one of the largest sources of assistance for the world’s 77 poorest countries, 39 of which are in Africa, and is the single largest source of donor funds for basic social services in these countries.

Multilateral Investment Guarantee Agency (MIGA) is an international financial institution which offers political risk insurance and credit enhancement guarantees. Such guarantees help investors protect foreign direct investments against political and non-commercial risks in developing countries.

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