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(Ecofin Agency) – Covid-19 has reversed the progress made in recent years by the government of Sierra Leone to reduce poverty in the country. To meet its upcoming challenges, the government wants to mobilize more funding from its foreign partners.
Sierra Leone will receive more than $278.4 million in funding from the European Union (EU) to finance its development. The information was made public via a press release posted on the Sierra Leonean Presidency website on Friday, February 18.
The grant will be spread over four years and will focus on three priority areas: Green Economy, Human Capital Development and Democratic Governance, Human Rights, and Fundamental Freedoms. “On Green Economy, the cooperation is expected to focus on increasing access to modern, sustainable, affordable and reliable energy for jobs and growth; developing sustainable, employment-oriented agriculture and fisheries food systems for health and nutrition; and supporting sustainable management and protection of terrestrial and marine ecosystems and biodiversity,” the statement revealed.
For the second component, which is the human capital development, the cooperation will focus “on investing in Basic and Secondary Education and TVET; and improving the quality of literacy and numeracy skills and qualifications of the populations.” Focus will also be on social protection to reduce vulnerabilities and sustain growth.
Finally, the third component will target “credible and inclusive elections as well as government’s effectiveness and public service delivery at national and local levels. This area is also expected to focus on economic governance that will underpin sustainable economic and social policies through strengthening public finance management, transparency, and domestic resources mobilization and improving the business climate,” the statement reported.
According to the World Bank, several major economic and social challenges prevent Sierra Leone from achieving meaningful development. These include the population’s poor access to financial services, natural resources, and quality education, and the low returns from the mining sector.
The Sierra Leone government will use the new resources to continue its recent reforms and pursue its recovery strategy. The investment was announced on the closing day of the EU-AU summit, held on February 17 and 18 in Brussels.
Jean-Marc Gogbeu, intern
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