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NEWS : Local News  

In Sierra Leone Kenema-Pendembu Road Construction Gets $10M
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Oct 27, 2008, 17:18
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On behalf of the Government of Sierra Leone, Finance and Economic Development Minister has signed a loan agreement of 37.5 Million Saudi Riyals (10 Million United States Dollars) with the Saudi Fund for the development of the Kenema-Pendembu Road Reconstruction Project.


The signing ceremony which took place during the Annual General Meetings of the International Monetary Fund (IMF) and the World Bank was witnessed by the Financial Secretary, Sheku Sesay and the Bank Governor, Dr. Samura Kamara.


The loan will provide additional resources for the construction of an 86km road, thus increasing road safety, reducing transportation costs, promoting agricultural development and increasing economic activities.


It would be recalled that in order to enhance the co-financing arrangement for support to the project, government has already signed agreements for loans of US$10m with the Arab Bank for Economic Development in Africa (BADEA), US$12.5m with the OPEC Fund for International Development (OFID) and with the Kuwaiti Fund for Arab Economic Development (KFAED) for loan of US$10.2m.


Meanwhile, Government is currently discussing with the Islamic Development Bank (IDB) for the signing of a loan agreement of US$10.5m following which the loan will be declared effective and will consequently allow the accessing of funds for implementation of project activities.


It is expected that the completion of this project will have a significant impact on poverty reduction in the country.


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