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IDA boosts government to promote growth & reduce poverty in Sierra Leone

IDA boosts government to promote growth & reduce poverty in Sierra Leone

The world’s aid transparency leader – World Bank, has through one of its agencies, International Development Association (IDA) added more impetus to the Ernest Bai Koroma led Government in its move to combat Poverty and promote Growth in the West African Country.

“The undersigned committee constituted under section 1(d) of Article V of the Articles of Agreement of International Development Association hereby submits its recommendation pursuant to said section in respect of the proposal,” that the Association grant to the Republic of Sierra Leone (the recipient ) a credit in an amount in various currencies equivalent to fifteen Million Five Hundred Thousand SDR 15,500,000.

“The purpose of said credit is to assist the recipient carry out program of actions, objectives and policies to promote growth, and achieve sustainable reductions in poverty.” Said a statement from IDA. Adding, “The committee has carefully studied the merits of the proposal to grant such a credit, and of the purpose to which the proceeds of the credit are to be applied.

“The committee is of the opinion that the program in support of which the proceeds of such credit are to be applied comes within the purposes of the Association as set forth in Article 1 of said Articles of Agreement, and that said program is designed to promote the economic development of the Republic of Sierra Leone and is of high developmental priority in the light of the needs of the Republic of Sierra Leone.

“Accordingly, the committee finds that said program merits financial assistance from the association and hereby recommends said program for such assistance.”

Sierra Leone’s Deputy Chief of Mission assigned to the United States of America H.E Ibrahim S. Conteh signed the agreement on behalf of the Sierra Leone Government, at the embassy Chancery on 1701 19th Street, NW Washington DC today December 28, 2011.

 The actual ceremony will be held at the world Bank Headquarters in due course.

On November 15, 2011 the World Bank welcomed a new report released from” Publish What You Fund” that rates the Bank as “best performer” in terms of aid transparency and ranks the institution No.1 out of 58 donors in the index.

“We’re very pleased to receive this important validation of our openness and accountability agenda from Publish What You Fund,” said World Bank Managing Director Caroline Anstey. “We still have more to do, but we’re committed to show how much funding we’re providing, where the funds are going, and what results the money has achieved.” It’s not just about making aid and aid agencies more open and accountable; it’s fundamentally about democratizing development.”

The report, the 2011 pilot Aid Transparency Index follows the 2010 Aid Transparency Assessment produced by Publish What You Fund, a U.K-based coalition of civil society organizations working on governance, aid effectiveness, and access to information.

Early November 2011, the International Development Association (a wing of the World Bank) rated Sierra Leone high in its ranking for the country’s sober and operative fiscal control policy, and submitted to Sierra Leone’s Ambassador to the United States of America, His Excellency Bockarie Kortu Stevens, its recommendations in respect of the Association’s intention to extend to the Republic of Sierra Leone (the recipient) a grant (financing) in an amount in various currencies equivalent to SDR 16,700.000.

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