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ADB Approves $9 Million Grant for Salone

ADB Approves $9 Million Grant for Salone

The Parliament of Sierra Leone on Tuesday July 24, acknowledged receipt of a loan, grant amounting to the tune of $9 million from the African Development Bank for IFAD projects to be extended in the country.

The Deputy Minister of Finance and Economic Development, Momodu Kargbo (photo) said on Tuesday in the well of parliament, while presenting the deed of agreement signed by the ADB that the government is going to expedite the said cash to improve and extend IFAD’s ongoing projects in the rural areas including Kabala and Mattru Jong.

He said IFAD’s projects have done well in improving agriculture in Sierra Leone by establishing community banks in rural areas and making sure that agricultural commercialization is decentralized across the country using the Osusu system to have the farmers accessing grants and aids.

The projects, he stated, were established in 2007 with a schedule life scheme running till 2013. According to Deputy Minister, those who stand to benefit are farmers, poultry keepers, and timber producers.

Mr. Kargbo disclosed further that an interest rate of 0.75% interest is going to be paid by the government on said grant. Moreover, the well of parliament unanimously approved the loan without debate.

By Boyzy Balogun

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