US$4M grant to reform BSL

Management of the Bank of Sierra Leone has secured a $4 million grant from the World Bank for reforms and modernization programs of the bank.

The Finance and Economic Development Minister, Dr. Samura Kamara, recently signed the grant and supplementary agreements on behalf of Sierra Leone.

The Governor of the Bank of Sierra Leone (BSL), Sheku Sambadeen Sesay, also signed the project agreement on behalf of his bank.

The West African Regional Director, Ishak Diwan, signed on behalf of the World Bank.

At the grant agreement signing ceremony held on the sides of the World Bank/IMF Spring Meetings concluded recently in Washington DC, the Minister of finance thanked the World Bank for the grant and said that the Financial Sector Development Plan (FSDP) is part of the country’s plan to reenergize the financial sector and empower commerce.

In this statement, the West African Regional Director, World Bank, Dr. Ishak Diwan, said the World Bank’s support is in the context of the second phase development assistance to Sierra Leone, which is aimed at spurring the financial sector after the reconstruction phase.

He commended the leadership role played by the Bank of Sierra Leone in the conceptualization of the initiative and expressed the hope that the benefits of the project will go beyond the shores of Sierra Leone, adding that a similar project is being replicated in Liberia, and hopefully in Guinea.

The Governor of the Bank of Sierra Leone credited Mr. Ishak Diwan and his colleagues in providing the crucial support needed to create a modern, effective and dynamic central bank that serves the overall financial growth and development requirements of Sierra Leone, within the framework of a harmonized sub-regional system and consistent with the demands to a globalised economic and financial environment. He said that implementation of the project has already commenced with the restructuring of the bank, and expressed gratitude to the World Bank for the support to make the project a reality.

In concluding, Governor Sambadeen Sesay said he was expecting additional grants from other multilateral and bi-lateral agencies including the ADB, IFAD, GTZ and KFW.

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