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Sierra Leone News : World Bank and Sierra Leone to Hold Development Finance Forum
By Emmanuel I. Kamara
May 26, 2017, 17:00
The Government of Sierra Leone, in collaboration with the World Bank Group, has scheduled Monday 29th May 2017, to convey the first Sierra Leone Development Finance Forum in the Bintumani International Conference Center in Freetown.
Addressing journalists in the World Bankís Country office in Freetown, the World Bank Country Manager, Parminder Brar said that the event is one of three events taking place in West Africa in the last week of May exploring the World Bank Groupís instruments to unlock opportunities for private investment.
|Parminder Brar, World Bank Country Manager (right) and Frank Ajilore, IFC Resident Representative Sierra Leone|
Mr. Brar added that the DFF aims to bring together the stakeholders that can change the risk-return landscape in the least developed countries - both to achieve clarity on the roles each must play, and to explore promising ideas, initiatives and partnership that need extra impetus to become successful. He continued that through its focus on action and the identification of specific constraints and opportunities in Sierra Leone as the DFF aims to contribute to a timely development of a pipeline of projects and programs by offering a pre-investment platform for the public and private sector to explore market-building alliances and opportunities in Sierra Leone.
The International Finance Corporation (IFC), Resident Representative in Sierra Leone, Frank Ajilore said USD $2.5 billion IDA18 IFC- MIGA Private Sector Window (PSW) was created to mobilize private sector investment in IDA-only countries, with a focus on fragile and conflict-affected states (FCS).
Ajilore disclosed that the (PSW) will be deployed four facilities:
(1) A Risk Mitigation Facility (RMF) to provide project based guarantees without sovereign indemnity to crowd-in private investment in large infrastructure projects and public private partnerships (PPPs) supported by IFC;
(2) A MIGA Guarantee Facility (MGF) to expand the coverage of MIGA guarantee through shared first-loss and risk participation akin to reinsurance;
(3) A Local Currency Facility (LCF) to provide long term local currency investments through IFC in countries where capital markets are not developed and market solutions are not sufficiently available and
(4) A Blend Financial Facility (BFF) to blend PSW support with pioneering IFC investments across sectors with high development impact, including small and medium enterprises (SMEs), agribusiness, health, education affordable housing, infrastructure, climate change mitigation and adaptation, among others.
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