“Notwithstanding positive developments, our financial system is still at a very rudimentary stage,” said Bank Governor Samura Kamara, recently, at the Africa Export- Import Bank (Afreximbank) sensitization workshop at Bank of Sierra Leone’s (BSL) Kingtom complex.
The Bank Governor underscored the fact that the rudimentary stage of Sierra Leone’s financial system is characterized by a “narrow range of financial institutions, financial services and limited outreach nationwide.”
He disclosed that BSL in collaboration with national and international stakeholders is currently “developing a comprehensive financial sector development plan for the country as well as a medium term strategic plan for the central bank; both aimed at building, strengthening and making the financial sector sound and more responsive to the requirements of economic agents.” Governor Samura disclosed that Afreximbank supports African import-export activities through various financing programmes, including lines of credit, project financing, syndicate financing and direct financing.
“Special risk programmes are also designed by the Bank to provide comfort to international banks extending facilities to African sovereigns, Banks and Corporate Institutions by absorbing some of the risks,” he revealed.
Afreximbank Assistant Planning and Business Development Director, Dr Francis Mbroh buttressed the governor’s statement by furthering the objectives of Afreximbank, which aims at extending direct credit to eligible African exporters by providing pre and post-shipment finance; extend short-term credit and medium term loans to African exporters and importers.
By Ophaniel Gooding