Sierra Leone Telegraph: 7 November 2024:
This week, Sierra Leone welcomes a significant delegation of international investors to explore opportunities in the infrastructure and sustainable tourism sectors, and engage with government officials and entrepreneurs. This visit is likely the largest of its kind in the country’s recent history.
The trip is being led by the Africa Resilience Investment Accelerator (ARIA) – a platform that aims to unlock investment in markets across the continent, including Sierra Leone – with support from Invest Salone, the British High Commission, the National Investment Board, the UK Foreign, Commonwealth and Development Office and the Expertise to Support Economic Reform Programme. It brings together representatives from eight development finance institutions.
The organisations involved include British International Investment (BII), FMO (the Dutch entrepreneurial development bank), the International Finance Corporation, the US International Development Finance Corporation, Proparco, the African Development Bank, and more. These institutions collectively have more than US$200 billion in assets under management and are looking at how to deploy more in Sierra Leone.
The visit begins on Wednesday 6 November with an event co-hosted with the National Investment Board. At the event, the delegation of investors will meet senior government representatives to discuss investing in critical infrastructure.
Discussions will centre around developing critical infrastructure sectors, notably water and energy, essential for addressing the basic needs of Sierra Leone’s population. There will also be an event held in partnership with legal firm Herbert Smith Freehills on how to develop an enabling environment to support greater investment in infrastructure and beyond.
On Wednesday, the delegation will also take part in a networking event at the British High Commission with business leaders, investors and government officials to mark the first two investments under the ARIA initiative and discuss future opportunities.
These deals have helped bring in more than US$45 million to support Sierra Leone’s private sector. They include a US$25 million risk-sharing facility between BII – the UK Government’s development finance institution and a founder of ARIA – and Ecobank Sierra Leone.
The role of investment in supporting the nascent sustainable tourism sector is a key focus of the mission. Today, Thursday 7 November, there will be a roundtable discussion to explore the topic in depth. The delegation will also learn more about several investment opportunities in the sector through visits to a number of projects.
Additionally, investors will meet innovative infrastructure businesses that operate across the country. These meetings will provide an in-depth understanding of the impact companies are already delivering and how they can be supported to go even further.
Alex Kucharski, BII’s ARIA Lead for West Africa, said: “We’re proud to be leading the largest delegation of investors to visit Sierra Leone in recent times. We’re here to demonstrate the huge potential of investing in key sectors here, and collaborate with the public and private sectors to maximise our impact.”
Valerie Entsiful, ARIA’s Country Manager for Sierra Leone, said: “ARIA exists to help unlock investment opportunities in Sierra Leone. We’re delighted to be facilitating this mission to help do exactly that and mobilise more investment in key sectors across the country.”
Christina Clark-Lowes, Invest Salone’s Investment Lead, said: “Sierra Leone has experienced significant positive economic impact from its growing tourism industry over the past decade, and the government has identified the sector as vital for diversifying the economy. Invest Salone is working closely with the Ministry of Tourism and Cultural Affairs and several of Sierra Leone’s tourism businesses to support growth in the sector and it is encouraging to see how much potential there is.”
Josephine Gauld LVO, British High Commissioner to Sierra Leone, said: ‘’The UK is committed to supporting Sierra Leone achieve sustained economic growth, through the private sector and inward responsible investment. Development finance institutions have a key role in kick starting the growth in investment flows, alongside the Government of Sierra Leone – to have sustainable economic growth, the creation of more jobs and better living standards. Getting the right policy, regulation and other aspects of the operating environment for businesses in place, will see investment levels that have historically been low increase.’’
Dr Edward Hinga Sandi, Executive Director, National Investment Board (SL) said: “The Government of Sierra Leone recognises the importance of infrastructural development in driving economic growth and prosperity. Hence, it focuses on enhancing the country’s investment drive to attract resilience and impact investments in the key sectors of energy and water. We are delighted to welcome an investment delegation of this magnitude. It could not have come at a better time than now as we gear toward sustainable investment.”
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