The World Bank Group in collaboration with the government of Sierra Leone today Monday 29th May will open a two days Development Finance Forum (DFF) for the purpose of unlocking private investment in Sierra Leone.
According to Parminda Brar World Bank Country Manager, the new $ 2.5 billion Private Sector Window will help the entire World Bank Group mobilise private capital and scale-up private sector development in the poorest countries particularly in fragile situation.
The DFF aims to bring together the stakeholders that can change the risk return landscape in the least developed countries, to achieve clarity on the roles each has to play and to explore promising ideas, initiative and partnerships that need extra impetus to become successful.
The DFF aims to contribute to a timely development of a pipeline of projects and programs by offering a pre-investment platform for the public and private sector to explore market- building alliances and opportunities in the country.
Frank Ajilore said the $2.5billion is not only for Sierra Leone but for IDA countries, and that fragile countries will be given preference.
“The money is to attract significant amounts of private sector financing… People should look at the numbers that can come from private sector financing and other sources of financing that can come into this package”.
The PSW has four components which are Risk Mitigation (RMF), the sectors under this category includes power, water, sanitation, transport, and municipal infrastructure, this component as an indicative allocation $1,000.
The MIGA Guarantee Facility (MGF), covers sectors almost like the RMF but with an allocated amount of $500M, the Local Currency Facility (LCF). Its sector will be linked to the underlying loans with an amount of $400M.
The Blended Finance Facility (BFF).sector is high-impacted pioneering investments across sectors. Example SME’s access to agribusiness and manufacturing, health and education, affordable telecom and technology and climate change. Its indicative allocation is $600m.
The difference with this conference to other investments countries like Sierra Leone is that for this one, the “World Bank Group is putting money on the table. All they need is good projects coming from Sierra Leone”.
The funds cut across the board to all companies both local international as long as they produce a viable business proposal that will be sustainable and create jobs, improve the lives of Sierra Leoneans and increase capital.
Monday May 29, 2017.