Finance Minister signs big projects in Saudi
Sierra Leone’s Finance and Economic Development Minister has signed two new projects in the Kingdom of Saudi Arabia for the Government of Sierra Leone. (Photo: Seated in the conference hall, Finance Min. Dr. Samura. Standing: From (L-R) Mr. Peter Sam- Kpakra, Head of Multilateral Projects Division in the Ministry of Finance, an Embassy Rep. and Mr. Nabie Musa Turay, Manager of Sub Saharan Africa and BADEA Scheme at the IDB)
Dr. Samura Kamara who was attending the 36th Annual Meeting of the Board of Governors hosted by the Islamic Development Bank (IDB) in Saudi Arabia’s commercial capital, Jeddah, affirmed shortly before departing the Kingdom over the weekend that his government signed the following projects during the meeting: The National Support of the ECOWAS Regional Infrastructure and e-Government costing US$20.3 million and the Kabala Water Supply Project -US$12.0 million, respectively.
Renowned Al-Jazeera Journalist, Riz Khan –moderator of the program on the podium
In a related development, the Head of Multilateral Projects Division in the Ministry of Finance and Development, Peter Sam-Kpakra who accompanied the minister, said: “We have two pipeline projects that have already been appraised and are ready for Board presentation this year. They are the Pendembu – Kailahun Road (which is part of the Kenema Koindu Road). The first phase of this project (Kenema -Pendembu Road) was financed by five Arab donors-IDB, BADEA, OPEC Fund, Saudi and Kuwait Funds.”
He adds that the first phase is currently being implemented and that the Islamic Development Bank (IDB) has decided to fund part of the second phase by constructing the link between Pendembu to Kailahun.
“This 27 kilometer road project is estimated to cost about US$21 million and IDB has agreed to finance US$18.0 million and the Project will be presented to the Board this July,” Kpakra reiterates.
He continues: “The Small Holder Commercialization Project which is estimated to cost about US$50.0 million will also be presented to the Board in September or October of this year.”
Dr Samura in the midst of 55 Finance Ministers
The four-day economic gathering which ended over the weekend attracted over 900 participants comprising Finance and Economic Planning ministers from the 56 IDB member countries; Islamic Banks; National Development Financial Institutions; Representatives of Regional and International Financial Institutions; among many others.
In an interview with Minister Samura, he said that participants called for greater efforts for manpower development for the achievement of sustainable economic progress in the member countries. Dr. Samura also highlighted the assistance offered by the bank to member countries to help overcome the global economic crisis.
“Sierra Leone welcomed a joint IDB-World Bank initiative to finance infrastructure projects. We supported the program proposed by IDB President, His Excellency Dr. Ahmed Mohamed Ali to transform the bank into formidable avenues of mobilizing resources and assets to member countries for development purpose,” the Finance Minister concluded.
Nabie Musa Turay flanked by the IDB Regional Director in Dakar, Sidi Taleb and Amar Sangone, a former Director in country operations, IDB
The President of the IDB Group, Dr. Ali, also called for an increased participation of the youths and the provision of the economic, social and political resources to create a balanced system that could better respond to the financial and basic human needs.
He said youth discontent is a collective case of jobless and the opportunities to provide basic welfare to the under privileged group who realistically form the highest demography of the population.
He mentioned that the solutions exist on job creation by encouraging foreign investments, implementing customized sustainable development projects and enhancing the ancillary sectors.
Reports say the bank recently allocated $250 million to tackle unemployment in selected countries to provide job opportunities through training programs that meet the labor market needs.
At the end of the meeting, the IDB Chief Executive, handed over to the Board of Governors a strategic plan to be developed by 2020 which encompasses stable growth along with sustainable development, inter- regional initiatives, education expansion and financial support for productive family businesses.
Headquartered in Jeddah, the IDB participates in equity capital, grant loans for productive projects and enterprises and provides financial assistance to member countries in other forms for economic and social development.
The IDB is an autonomous body that operates in close cooperation with the Organization of the Islamic Cooperation (OIC) member states. And it is one of the major affiliated institutions of the OIC.
The IDB started operations in Sierra Leone in 1976 shortly after its inception. And since then, it has spent a cumulative amount of over US$250.0 million in projects, technical assistance and trade related financing. Currently, the IDB has a total of nine projects and grants with a total committed amount of US$67.60 million. The bulk of that amount is for project financing in agriculture, education, energy and social sectors.
By Alhaji Jalloh, Information Attaché Sierra Leone Embassy, Riyadh Stay with Sierra Express Media, for your trusted place in news!© 2011, https:. All rights reserved.
