On Tuesday, November 26, 2024, the Parliament of Sierra Leone unanimously ratified a €12 million European Union Financing Agreement designed to enhance the country’s trade competitiveness both locally and internationally.

The agreement, titled Business Environment and Competitiveness for Salone (BEC4S), was signed on March 20, 2024, between the European Commission and the Government of Sierra Leone.

Deputy Minister of Finance, Bockarie Albert Kalokoh, presented the agreement, emphasizing its goal of fostering economic growth through increased business competitiveness.

The initiative will focus on supporting smallholder businesses, equipping them to improve their operations and expand into international markets.

Key highlights of the agreement include:

Promoting adherence to World Trade Organization (WTO) rules and the ECOWAS Trade Liberalization Scheme.

Facilitating institutional reforms to enhance the business environment.

Establishing clear rules for investors to promote transparency and growth.

Finance Committee Chairman, Hon. Francis Amara Kai-Samba, commended the Ministry of Finance for achieving this milestone. He noted that the EU’s funding is tied to benchmarks Sierra Leone has met, expressing optimism about the agreement’s potential to generate foreign exchange and boost the economy. He called for proper monitoring to ensure the funds are utilized effectively.

Opposition Whip Hon. Abdul Karim Kamara described the agreement as “value-added,” emphasizing the importance of proper resource management and addressing challenges faced by the business sector. He urged the government to maintain business infrastructure to preserve standards.

Acting Leader of the Opposition, Hon. Daniel Koroma, hailed the grant as a testament to the EU’s continued support for Sierra Leone. He cautioned that resource management remains a significant challenge and urged implementing partners to prioritize accountability.

Hon. Mathew Nyuma, the Majority Leader and Leader of Government Business, applauded the agreement, highlighting Sierra Leone’s consistency in achieving benchmarks and aligning with international standards. He pointed out the importance of this financing for the nation’s socio-economic development and assured Parliament of strict oversight to ensure transparency during implementation.

The agreement, which will be implemented over five years, aims to address key challenges in the business sector and provide a pathway for sustainable development. Hon. Nyuma also assured that strict confidentiality measures are in place to protect the data and details of the agreement.

The €12 million EU Financing Agreement represents a critical step in enhancing Sierra Leone’s business environment and trade potential. With proper management and transparency, this funding is expected to drive meaningful economic growth and improve the country’s standing in regional and global markets.