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Tuesday, April 16, 2024

Big boost for Salone economy

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Big boost for Salone economy


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Speaking at a press conference held at the Bintumani International Conference Centre, just after his Excellency the President, Dr Ernest Bai Koroma delivered his Keynote address, the Vice President of   the World Bank Group, Avel Van Trotsenburg disclosed that Sierra Leone was one of the beneficiaries of seventy five billon United State Dollars set aside by the world Bank for the purpose of transformational investment, that could make positive  impact on people’s lives .

He told the well attended gathering that the seventy five billion dollars mobilized by the World Bank was targeting seventy seven poorest countries around the globe , for the next three years in Africa and elsewhere, adding that there was tremendous opportunity for Africa countries to significantly advance it development agenda, in the area of education, health, infrastructure  and proactively  involve governments, including the private sector.

According to Van Trotsenburg, Sierra Leone should take advantage of what he referred to as, unique package of support which would help create jobs and new opportunities that could great difference in the lives of the people.

He went on to state that above mentioned quantum of money would encouraged the development of a pipeline of projects and programmes by offering pre –investment platform for the public and private sector to explore market-building alliance and opportunities in Sierra Leone  and other countries throughout the African region.

The world Bank Group Vice President further disclosed that during the first Sierra Leone Development Finance Forum hosted the World Bank Group , and the government of Sierra Leone , participants identified constraints to develop a vibrant private sector, coupled with  opportunities to attract transformation investment that could make positive impact on people’s lives.

In her contribution, the Karin Finkelston, Vice President and Chief Operating Officer at the multilateral investment guaranty agency noted that by addressing investors concerns about risk, scarce public grant and concessional funds that could be used to mobilize private capital, particularly to sectors like , energy, tourism, fisheries, and agribusiness , in which job creation opportunities could be realized .

She further informed her audience that in the past year, several initiatives had been developed to crowd-in private finance for development, and at the same time contributes to the achieving ambition of the 2030 agenda and the Addis Ababa agenda.

Madam Karin Finkelston further told journalists that in December 2016, the World Bank Group’s International Development Association completed a record of seventy five billion United State Dollars replenishment, describing it as a pivotal step in the movement and end the vicious circle of poverty.

She concluded by stating that as part of the replenishment, the World Bank Group developed a new two billion , five hundred thousand United State Dollars  in private sector window to mobilize private capital , and scale-up private sector development in most challenging environments, and at the same time reduced income inequality and ensure sustained economic growth.

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