More goodies for Sierra Leone from Saudi Arabia
The Islamic Development Bank Group’s Investment Promotion Technical Assistance Program (ITAP) concluded on 28th June, 2011, the signing of the Sierra Leone Technical Assistance project document with the Arab Bank for Economic Development in Africa (BADEA). (Photo: Seated in the meeting hall, Finance Minister 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)
Under the established Framework Agreement between ICIEC and BADEA, this Technical Assistance program aims to assist the Government of Sierra Leone in attracting financial flows for investment through financing sector identification studies, training and capacity building activity and promotion of projects and investment opportunities.
Specifically, the ITAP will provide support in developing a comprehensive investment promotion for the Sierra Leone Investment & Export Promotion Agency (SLIEPA). This will further enhance the agency’s capability in ensuring the sustainability of this two-year program in generating foreign direct investment, upon completion.
The signing ceremony took place at the conclusion of the 36th Annual Meeting of IDB Group in Saudi Arabia’s commercial city, Jeddah in the presence of Sierra Leone’s Finance and Economic Development Chief, Dr. Samura Kamara and BADEA was represented by H.E Mr. Abdelaziz Khelef, Director General, Mr. Kamal Mahmoud, Director of Operations and Mr. Mohamed El-Hafed Ouldbeddy, Director of Legal Affairs.
BADEA Representatives
Dr. Abdel-Rahman Taha, the CEO of ICIEC, Mr. Mohammed Bukhari, ITAP Investment Promotion Officer, Mr. Imad E. Ali, ICIEC Lawyer and Sierra Leonean-born Mr. Nabie Musa Turay, Marketing Manager overlooking Africa & the BADEA Scheme in the International Islamic Trade Finance Corporation (ITFC) represented the IDB Group.
It could be recalled that Dr. Samura Kamara signed two new projects in the Kingdom of Saudi Arabia during the same meeting for the Government of Sierra Leone: 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.
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 M.B Jalloh, Information Attaché, Sierra Leone Embassy, Riyadh
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