By Stephen V. Lansana
Freetown, Sierra Leone – 3rd September 2024: The Arab Bank for Economic Development in Africa (BADEA) has signed a Memorandum of Understanding (MoU) with the government of Sierra Leone to implement ongoing projects and design new initiatives. The signing marked the conclusion of a week-long appraisal mission, which ran from 28th August to 3rd September 2024. The mission followed up on the outcomes of roundtable meetings held in Vienna in June 2024 with President Julius Maada Bio and senior government officials.
Leading the mission, BADEA’s Chief of Operations for the Public Sector, Mr. Diab Karrar, outlined the organization’s objectives, which included appraising the Bauya Bendu Cha Road Project, preparing the food security program under the Feed Salone operational plan (2024-2028), and assessing the Trade Finance Facility. BADEA also followed up on ongoing projects and explored potential new operations.
Karrar disclosed that BADEA is financing two sections of the 145-kilometer Tikonko Kpetema Mattru Jong Bauya Bendu Cha Road, with 65 kilometers between Bauya Junction and Bendu Cha under appraisal. The project is estimated at $60 million, with $42.91 million in foreign currency and $17.09 million (28.48%) in local currency. Additionally, the Education Sector Support Project is reported to be 42% complete.
Karrar expressed BADEA’s intention to support the Trade Facility Program to assist Small and Medium Enterprises (SMEs) through Sierra Leone’s Feed Salone Agenda. He commended project coordinators for their efforts and reaffirmed BADEA’s commitment to working closely with the Sierra Leonean government on projects aligned with the country’s Medium-Term National Development Plan.
During a courtesy visit to the Ministry of Finance, Deputy Minister of Finance I, Kadiatu Allie, emphasized the strong 50-year relationship between Sierra Leone and BADEA. She noted that BADEA, comprised of 18 Arab countries, primarily supports Sub-Saharan nations, with an estimated total disbursement of $13.7 billion.
Financial Secretary Matthew Dingie thanked the mission and stated that a technical team had been established to monitor the progress of donations from BADEA and the OPEC Fund. He also highlighted the government’s existing SME support program, the MUNAFA FUND, as a foundation for the new initiatives under discussion.
The BADEA mission concluded its assessment and engagement on 3rd September 2024, accompanied by Senior Civil Engineer Expert Mr. Sameh Azzuz and Head of the Agriculture Value Chains Division, Mr. Hatem Jabri.