Sierra Leone Government And World Bank Launch $7.9 Million Grant Program to Boost Agribusinesses

On Friday, April 12th, the Sierra Leone Government, in collaboration with the World Bank, announced the rollout of a $7.9 million grant program aimed at enhancing and expanding existing agribusinesses in the country.

This initiative is strategically designed to provide support to small and medium enterprises (SMEs) while also accelerating the implementation of President Bio’s Feed Salone initiative.

The grant program complements a $20 million agriculture credit plan available through commercial banks, catering to larger agribusinesses. Specifically targeting women and youth engaged in the cassava, rice, and livestock sectors, this grant presents a significant opportunity for the growth and development of businesses within these value chains.

Dr. Henry Musa Kpaka, Minister of Agriculture, expressed enthusiasm about the collaboration with the World Bank, stating, “Alongside our partner, the World Bank, I launched a $7.9 million matching grant to scale up established agribusinesses in the rice, cassava, and livestock value chains across the country.”

He further highlighted the favorable terms of the grant, including a 10% interest rate, flexible collateral requirements, and a repayment period of 24 months. Recognizing the challenges faced by some agribusinesses in accessing financing through commercial banks, Dr. Kpaka emphasized the importance of the matching grant as an additional tool to support SMEs in the agriculture sector.

In addition to the current grant, plans are underway to launch another $2 million matching grant facility next week, targeting smaller agribusinesses in the rice value chain owned or operated by women. This initiative underscores the government’s commitment to empowering the private sector and women to drive the successful implementation of President Bio’s flagship Feed Salone program.

Businesses eligible for the grants can apply for funding of up to $150,000, with varying matching ratios depending on the size of the company. The initiative, initiated through the World Bank’s Food Systems Resilience Program (FSRP), aims to provide essential financing to farmers and agribusinesses at different levels, ultimately enhancing their revenue, sustainability, and competitiveness in both domestic and export markets.

Applications for the grant program are open from April 15th to May 2nd, with details and application forms available on the FSRP Official Website: www.fsrp-sl.org