By zainab.joaque@awokonewspapersl.com
Washington, D.C. – In a spirited dialogue on the sidelines of the Spring Meetings in Washington, D.C., Sierra Leone and the International Finance Corporation (IFC) reaffirmed their growing partnership aimed at transforming the country’s economy.
The meeting brought together IFC Vice President for Africa, Ethiopis Tafara, and Sierra Leone’s Minister of Finance, Sheku Fantamadi Bangura, along with his delegation. Tafara commended the unity and focus of the Sierra Leonean team, noting how closely the country’s development priorities align with IFC’s investment strategy.
Minister Bangura expressed strong appreciation for the IFC’s expanding footprint in Sierra Leone, emphasizing that its investments are not just theoretical—they are making a real difference. “It’s not just funding—it’s changing lives and shaping our economic landscape,” he said, highlighting successful interventions in agribusiness and manufacturing.
He pointed to the revitalized onion value chain, once a struggling sector, now a case study in resilience and market stability thanks to IFC’s advisory and financial support. According to Bangura, such successes have boosted investor confidence and drawn attention from other financiers like the U.S. International Development Finance Corporation (DFC).
Bangura also spotlighted Sierra Leone’s immense untapped potential, particularly in infrastructure and strategic assets like the deep-sea port at Kent. He described the port as a future regional trade hub capable of handling mega-vessels and competing with top ports in Africa due to its strategic location.
He urged the IFC to explore these transformational opportunities, especially in energy and mining, adding that the government is committed to creating a business-friendly environment and de-risking private sector investments.
Tafara responded with optimism, noting the IFC’s growing project pipeline in Sierra Leone and its strong collaboration with the World Bank. He emphasized the “local champion” initiative that supports domestic firms to become regional leaders, and underlined the need for regulatory reforms to unlock private sector growth.
“We’re seeing real traction—five to six projects a year reaching the investment stage, particularly in import substitution and job creation,” Tafara revealed, citing significant ventures in cement production and trade finance.
Turning to the financial sector, Minister Bangura called for more credible investors to support the privatization and capitalization of local banks. He welcomed IFC’s continued involvement in stabilizing the sector and expanding access to credit.
Energy and mining were also key focus areas, with Bangura updating the IFC on a 40-megawatt solar power project and the country’s growing interest in critical minerals. Tafara reiterated IFC’s readiness to support infrastructure development in these areas, including mining logistics and port facilities.
As the discussions concluded, both parties agreed to deepen cooperation through follow-up missions and policy dialogue. There was a shared sense of urgency—and opportunity—to translate Sierra Leone’s potential into lasting economic gains, powered by strategic investments and global expertise. ZIJ/25/4/2025
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