AfDB Provides U.S.$ 1.2 Million Grant to Support Sierra Leone's Financial Sector Development Plan

5 June 2012
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African Development Bank (Abidjan)
press release

The AfDB and Sierra Leone's government on June 1, 2012 in Arusha, signed a US$1.2-million grant financing agreement under Pillar III of the Fragile States Facility, to provide urgently-needed support to the country's financial sector development plan.

The grant will be used to provide technical assistance and training to staff of the Central Bank of Sierra Leone, in order to develop a Bank-wide information technology policy and strategy; set up record management systems and define policy and strategy to support the implementation of risk based internal audit operations.

The AfDB Operations sector Vice-president, Kamal El-Kheshen, observed that the financial sector plays a critical role in Sierra Leone's economy. He said: "The Bank will continue to support your country's development objectives as it transitions from fragility to building a sustained and resilient economy."

For his part, Sierra Leone's Finance and Economic Development Minister, Samura Kamara, explained that the support would also help the country in its efforts to provide drinkable water as well as in modernizing and expanding the international airport. Part of the amount will also be used de develop a new city at the airport area, he added.

The Central Bank Governor and former AfDB, Sheku Sambadeen Sesay, expressed his appreciation to the Bank for the support. He also commended the institution and its President, for enabling him to serve his country. "My case is a concrete situation which reflects the Bank's commitments to provide technical support to its Regional Member Countries," Mr. Sesay said.

Read the original article on African Development Bank (AfDB).

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