The Parliament of Sierra Leone on Tuesday, 26/11/2024, debated and unanimously ratified the Twelve Million Euro (€12 Million) European Union Financing Agreement between the European Union Commission and the Government of Sierra Leone to improve trade competitiveness locally and internationally.
The following Agreement was approved by the Parliament of Sierra Leone: Financing Agreement between the European Commission and the Republic of Sierra Leone-Business Environment and Competitiveness for ‘Salone” (BEC4S), Dated 20th March 2024.
Presenting the Financing Agreement before lawmakers, the Deputy Minister of Finance, Bockarie Albert Kalokoh, affirmed that the agreement is a Twelve Million Euro for a constructive dialogue to improve the partnership agreement.
The objective of the Agreement, according to the Deputy Minister, is to foster economic growth and business competitiveness. The Deputy Minister added that the Agreement is specifically focused on smallholder businesses to enable them to improve their business and export them to other countries around the world.
He informed lawmakers that the Financing Agreement will also help to Foster WTO rules and ECOWAS Trade Liberation schemes for better business in the country.
He told Parliament that the Agreement would also foster institutional reforms in business and promote clear rules for investors and other businesses.
Making his submission to the debate, the Finance Committee Chairman, Hon. Francis Amara Kai-Samba, applauded the Finance Ministry for signing the Agreement with the EU.
He said the Agreement is a welcome one, adding that money is given to the country based on benchmarks the country had achieved. On business-related matters, the Chairman said that the Agreement will enable business to grow and, in return, yield foreign exchange for the development of the nation.
He expressed hope that the Financing Agreement would be actualised for its intended purposes and called for a proper monitoring mechanism.
On his part, the Opposition Whip, Hon. Abdul Karim Kamara from Kambia District, confessed that the Agreement is not controversial and is a value-added Agreement. He also called for proper management of the resources.
He said value addition is a principal pillar for marking strategies and went on to outline the challenges some of the business sectors are facing. He cautioned the Deputy Minister to consider the maintenance of business buildings to maintain standards.
Rounding up the debate, the Acting Leader of the Opposition, Hon.Daniel Koroma, said the Financing Agreement is a grant for the country and noted that it is not the first time the EU had been supporting Sierra Leone, noting that the biggest problem faced by the country is how to manage resources, and called on the implementing partners to use and manage the funds judiciously. He said the business market is relatively friendly for investors and narrated some of the challenges or bureaucracy in finalising documentation.
In concluding the debate, Majority Leader and Leader of Government Business, Hon.MarhewNyuma, said that consistency in policy drive is very important, adding that gaining this grant shows that the country had aligned with strong benchmarks. He applauded the Agreement and underscored that Sierra Leone is consistent in policies and other related achievements in the socio-economic development of the Nation.
The Leader referred to some international agreements and partnerships that connect the country and underscored the importance of the Agreement towards the socio-economic development of the nation. He assured that transparency and accountability of the Agreement would be effectively monitored and supervised during its implementation. On data protection of the Agreement, he said there is strict confidentiality in the Agreement. According to the Leader, the Agreement is intended to be implemented within five years.
