The Chief Executive Officer of the Sierra Leone Small and Medium Enterprise Development Authority (SMEDA) has on Wednesday 4th Jan 2023 disclosed to Pressmen that they have disturbed 15 Billion Leones for the second phase of the Munafa Fund Loan Scheme to thirteen Micro-Finance Service Providers to give loan to 2,245 small & Medium Enterprises across the Country.

About President Julius Maada Bio’s manifesto promise and the National Medium-Term Development Framework which captured the SMEs as one of the strong engines of economic growth, 6,209 persons legally benefited from the first Phase of the Munafa Fund Loan Scheme to help boost their businesses. The timely financial intervention of the Bio Government during the COVID-19 shock created relief for SMEs.

Mr Sannoh informed that the project is very dear to the heart of President Julius Maada Bio who he said is so passionate about investing in SMEs’ development and the need to prioritize structural reforms for diversifying Sierra Leone’s Economy.

Before this time, SMEs find it difficult to strive based on the interest rate, thereby reducing the lifespan of their businesses. That is why the Bio-led Government is creating an enabling environment for the private sector to support long-term economic growth, which in turn could support domestic revenue mobilisation and financial security for SMEs.