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Chief Minister Dr. David Moinina Sengeh addressed widespread misunderstandings regarding foreign direct investment in Sierra Leone, emphasizing the transformative potential of ongoing projects funded by international partners.
Speaking in his 42nd audio address on December 12, 2024, he highlighted the implications of a $1 billion investment package led by the U.S. government’s Development Finance Corporation (DFC) and the Millennium Challenge Corporation (MCC).
During a recent visit to the United States, Dr. Sengeh held strategic meetings with DFC, a government-backed institution promoting socio-economic growth in developing countries through private-sector-led initiatives. He disclosed that the $1 billion pledged by DFC and MCC is earmarked for private-sector investments in Sierra Leone, underscoring that the funds will not be deposited directly into government accounts.
A significant portion of the funding will support energy and infrastructure projects. Dr. Sengeh revealed that the initiative includes a $450 million MCC-funded project to construct nationwide transmission lines over five years, aimed at alleviating Sierra Leone’s chronic electricity shortages. Concurrently, the DFC-backed investment will facilitate the delivery of 108 megawatts of electricity through liquefied natural gas (LNG) within three years, bringing power to underserved communities, particularly in eastern Freetown.
“This project will inject substantial resources into the country and create employment opportunities for residents,” Dr. Sengeh stated, emphasizing the socio-economic benefits of the energy initiatives.
Dr. Sengeh credited the government’s proactive international diplomacy, led by President Julius Maada Bio, for positioning Sierra Leone as a favorable destination for foreign investment. He argued that such commitments would not have materialized if the government had adopted a passive stance.
“The $1 billion investment reflects the confidence of development partners in Sierra Leone’s future, driven by strategic international engagements,” he said.
Concluding his address, Dr. Sengeh highlighted that Sierra Leone has secured the highest level of foreign direct investment relative to its population size, a milestone he attributed to President Bio’s “Big Five” development agenda. These investments, he noted, are already translating into critical infrastructure improvements and economic growth opportunities.
The government aims to maximize these partnerships to address national priorities and sustain long-term socio-economic progress.
