Members of Parliament in Non-Governmental Organization Committee chaired by Hon Roland Foday Kargbo have resolved to summon the Governor of the Bank of Sierra Leone and officials of BRAC Microfinance for wasting Le22 billion.

The money according to the Committee was disbursed by the World Bank to help Sierra Leone cushion the effect of COVID-19, especially the importation of basic commodities to the country.

The committee summoned BRAC to probe it activities especially how BRAC Sierra Leone, registered as humanitarian organisation, and BRAC Microfinance, registered as a profit-making entity, operate in the country.

During the hearing the committee discovered that BRAC Microfinance and BRAC Sierra Leone are engaged in what some MPs described as mafia activities including cleaning their proceeds through money laundry.

The Committee further discovered that BRAC registered as a Microfinance institution in the country in 2008 and then registered as non-governmental organisation in 2009.

The MPs said since the BRAC has been exploiting Sierra Leoneans by levying heavy interest on those accessing it microcredit services.

MPs could not find evidence or document showing how proceed from microcredit lending were used on humanitarian work.

But more heartrending for members of the committee was the discovery that the bank of Sierra Leone gave a loan of Le22 billion to BRAC without interest to cushions the effect of COVID-19 on Sierra Leoneans, which money BRAC ended up using to give out microcredit with 50 percent interest per annum.

MPs discovered that the money was given out to aid companies and businesspeople in dire need, but BRAC used it at the expense of the people of Sierra Leone.

More disturbing still, the committee discovered during the that BRAC did not submit any evidence or adequate document that showed how that Le22 billion Bank of Sierra Leone loan was spent.

The MPs reiterated that such amount was given by the bank of Sierra Leone, not for profit making, but to help poor traders, adding that the Le22 billion does not reflect on the lives of the poor citizens for whom it was provided’.

The committee also blamed the Bank Governor for giving such a huge loan to BRAC with zero interest, which money BRAC used to make huge thereby depriving the people. It seems as if BRAC is operating a money laundry syndicate in Sierra Leone,’ Hon AKK said.

The MPs further that BRAC international officials could not clearly explain to the committee how they run BRAC Sierra Leone as both an NGO and microfinance entity. The committee also discovered that donor monies meant for humanitarians’ work were diverted to the BRAC microfinance entity to make profit for themselves.

Even more distressing, the committee said BRAC officials could not clearly tell the committee, including lack of documentation to substantiate, how many donor project BRAC has so far funded. The committee then requested from BRAC it staff list, the project list and document showing how the Le22 billion was spent.

Nightwatch Newspaper, reports that, the hearing was adjourned to a date that will be communicated to BRAC officials.