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Sierra Leone Business: World Bank announce 28year loan

The World Bank has announced a $22million loan and an $8million grant in a $30 million package that is meant to service six key sectors of the economy.
The $22million loan is expected to be paid back during a long term of 28 years although the Bank is sceptical on whether all of it will eventually be paid.
Along with the $8million grant the credit package is expected to reverse a 3% increase in poverty experienced during the Ebola period in 2015.
The package targets private sector driven agricultural production, with seed production and increased crops yield through the use of high quality fertilizers, and further implementing the new land policy to increase the available agricultural land.
The fisheries sector will also benefit from this package, with a move to better monitor industrial fishing vessels by equipping them with GPS enabled devices. It is envisaged, the current number of fishing licenses (86) will be cut down to 30 in the next three years (2020).
There is a component which include the production of more reliable electricity by EDSA through a strategic plan which has been approved.
The Education Ministry also has a component to increase internet access countrywide, and also take steps to reduce the number of ghost teachers from 30 to 15% by 2020.
The Anti Corruption Commission (ACC) also has a component where it is expected to improve compliance in its asset declaration program from 20% to 90% in 2020 and help in issues of procurement.
An e-procurement system will also be developed for the public and private organisations to use in procuring government assets.
Monday July 10, 2017.

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