Public and private sector leaders from across Sierra Leone and beyond yesterday converged at the Bintumani auditorium to discuss ideas, initiatives and partnerships that could spur private investment, which would subsequently unlock the potential of Sierra Leone’s economy.
This maiden Sierra Leone Development Finance Forum (DDF), hosted by the World Bank Group (WBG) and the Government of Sierra Leone, was officially opened by President Ernest Koroma.In his statement, President Koroma said, “…We strongly agree that grants and conventional resources which address the concerns relating to risk return can attract significant levels of private investment to the country…” but however appealed that “…this must be underpinned by aligning the public and private sectors with the shared objectives of unlocking the potential to create jobs and reduce income inequality.”
Adding that it is only through “…this way that the bold initiative by the World Bank Group would contribute significantly to Sierra Leone’s sustained economic growth and enhance the country’s food and energy security and would help the attainment of our sustainable development goals.”The DFF encourages the 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 Sierra Leone and other countries throughout the region. “With the $75 billion mobilized for IDA, our fund for the 77 poorest countries, for the next three years in Africa and elsewhere, there is tremendous opportunity to significantly advance the development agenda from education to health to infrastructure, and to proactively involve governments and especially the private sector,” said Axel van Trosenburg, WBG Vice President for Development Finance. “I hope that Sierra Leone will take advantage of this unique package of support which would help create jobs and new opportunities and make a difference in the lives of the people.” The DFF in Sierra Leone is one of three events taking place in West Africa the week of May 29 to explore ways to unlock opportunities for private investment, including through WBG instruments. By addressing investor concerns about risk, scarce public grant and concessional funds can be used to mobilize private capital particularly to sectors like energy, fisheries and agriculture, where the job creation opportunities are large,” said Karin Finkelston, Vice President and Chief Operating Officer at the Multilateral Investment Guarantee Agency.In the past year, several initiatives have been developed to crowd-in private finance for development and contribute to achieving the ambition of the 2030 agenda and the Addis Ababa Action Agenda. In December 2016, the WBG International Development Association (IDA) completed a record $75 billion replenishment, the WBG has developed a new $2.5 billion Private Sector Window to mobilize private capital and scale-up private sector development in the most challenging environments. “Concerted efforts like these not only have the potential to create jobs and reduce income equality but can also help unleash the potential of Sierra Leone to contribute significantly to sustained economic growth and enhanced food-and energy security in West Africa,” said Parminder Brar, WBG Country Manager, Sierra Leone
By Ophaniel Gooding
Tuesday May 30, 2017.
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