FREETOWN, SIERRA LEONE- The Bank of Sierra Leone has secured a grant of 4 million dollars from the World Bank support for the reforms and modernization programs of the Bank.
The Minister of Finance and Economic Development, Dr Samura Kamara, signed the grant and supplementary agreements on behalf of the Government of Sierra Leone, while the Governor of the Bank of Sierra Leone, Mr. Sheku Sambadeen Sesay, signed the project agreement on behalf of the Bank of Sierra Leone. The West African Regional Director, Ishak Diwan, signed on behalf of the World Bank.
At the grant agreement signing ceremony held at the sides of the World Bank/ IMF Spring Meetings, concluded recently, in Washington DC, the Minister of Finance Dr Samura Kamara thanked the World Bank for the grant and said that the Financial Sector Development Plan (FSDP) is part of the country’s plan to reenergize the financial sector and empower commerce.
In his statement, the West African Regional Director, World Bank, Dr. Ishak Diwan, said that the World Bank’s support is in the context of the second phase development assistance to Sierra Leone which is aimed at spurring the financial sector after the reconstruction phase. He commended the leadership role played by the Bank of Sierra Leone in the conceptualization of the initiative and expressed the hope that the benefits of the project will go beyond the shores of Sierra Leone adding that a similar project is being replicated in Liberia and hopefully in Guinea.
The Governor of the Bank of Sierra Leone, Mr. Sheku Sambadeen Sesay credited Mr. Ishak Diwan and his colleagues in providing the crucial support needed to create a modern, effective and dynamic central bank that serves the overall financial growth and development requirements of Sierra Leone, within the framework of a harmonized sub-regional system and consistent with the demands of a globalised economic and financial environment. He said that implementation of the project has already commenced with the restructuring of the bank. He expressed gratitude to the World Bank for the support to make the project a reality. In concluding, Governor Sambadeen Sesay, said that he was expecting additional grants from other multilateral and bi-lateral agencies including the ADB, IFAD, GTZ and KFW.