By Fatima Kpaka
The Parliament of Sierra Leone on Tuesday, November 26, 2024, unanimously ratified the €12 Million European Union Financing Agreement between the European Union Commission and the Government of Sierra Leone to improve trade competitiveness locally and internationally.
Presenting the Financing Agreement before lawmakers, the Deputy Minister of Finance, Bockarie Albert Kalokoh affirmed that the agreement is a Twelve Million Euro for a constructive dialogue to improve the partnership agreement.
The objective of the Agreement, according to the Deputy Minister, is to foster economic growth and business competitiveness. He added that the Agreement is specifically focused on smallholder business, to enable them to improve their business and export them to other countries around the world.
He informed lawmakers that the Financing Agreement will also foster World Health Organisation (WTO) rules and ECOWAS Trade Liberation schemes for better business in the country.
He told Parliament that the Agreement fosters institutional reforms in business and promotes clear rules for investors and other businesses.
The Finance Committee Chairman, Hon.Francis Amara Kai-Samba applauded the Finance Ministry for signing the Agreement with EU. He said the Agreement is welcoming, adding that money is given to the country base on benchmarks the country has achieved. On business-related matters, the Chairman said that the Agreement will enable businesses to grow and in return yield foreign exchange for the development of the nation.
He expressed hope that the Financing Agreement would be actualized for its intended purposes and called for proper monitoring.
On his part, the Opposition Whip Hon. Abdul Karim Kamara from Kambia District said that the agreement is not controversial He called on the Deputy Minister to consider the maintenance of business buildings to maintain standards.
Rounding up the debate, the Acting Leader of the Opposition, Hon.Daniel Koroma said the Financing Agreement is a grant for the country, noting that it is not the first time EU has been supporting Sierra Leone. He called on the implementing partners to use and manage the funds judiciously.
He said the business market is relatively friendly for investors and narrated some of the challenges or bureaucracy in finalizing documentation.
In concluding the debate, Majority Leader and Leader of Government Business, Hon.Marhew Nyuma said consistency in policy drive is very important.
He underscored the importance of the Agreement towards the socio-economic development of the nation.
He assured that the agreement would be effectively monitored and supervised during its implementation.
According to the Leader, the Agreement is intended to be implemented within five years.