The National Social Security and Insurance Trust (NASSIT) has signed a Memorandum of Understanding (MOU) with Liaoning Xinchi Industrial Development Company Ltd as part of efforts to expand the Trust’s investment portfolio into tourism and infrastructure. NASSIT’s Director General, Mohamed Fuaad Daboh, has announced.
On Friday, December 5, 2025, Mr Daboh disclosed during a courtesy visit to Hon. Mohamed Rahman Swarray, Minister of Employment, Labour, and Social Security, at the Minister’s New England office in Freetown. He stated that the agreement with the Chinese firm follows the company’s presentations to NASSIT and is consistent with PricewaterhouseCoopers’ (PwC) recent recommendations to strengthen the Trust’s investments.
“To implement PricewaterhouseCoopers’ recommendations and improve the Trust’s investment portfolio, NASSIT has engaged several investors both within and outside the country,” Mr Daboh said, noting that the meeting with the Chinese delegation “is a testament to these engagements.” He also stated that the investors are particularly interested in working with NASSIT on projects involving the Radisson Blu Mammy Yoko and Golden Tulip Kimbima Hotels.
According to the Director General, Liaoning Xinchi has provided NASSIT with a company profile as well as several presentations outlining the scope and nature of the planned collaboration. He described the signing of the MOU as the start of a fruitful collaboration that he hopes will contribute to Sierra Leone’s economic growth and development. “I am pleased to inform you that we have signed a Memorandum of Understanding with this group, which has demonstrated a strong commitment to investing in our country,” said Mr Daboh. He expressed confidence that, with the support of these investors, NASSIT will not only reposition its investment portfolio, but will also create new opportunities for Sierra Leoneans and boost the country’s global competitiveness.
Hon. Minister Swarray welcomed the delegation and praised the initiative as an important and timely opportunity. He emphasised the importance of implementing the PwC recommendations to turn the institution’s fortunes around and contribute to national development goals. The Minister also mentioned the government’s overarching economic goals, stating that President Brigadier (Retired) Julius Maada Bio is committed to elevating Sierra Leone to middle-income status by creating an enabling environment and viable investment platforms.
“I am excited to collaborate with the team to ensure the successful implementation of our common goals and objectives. Together, we can create a brighter future for our country and its people,” the Minister stated.
Chairman Zhao Hai Feng of Liaoning Xinchi Industrial Development Company Ltd thanked NASSIT for engaging his firm and reiterated his company’s interest in investing in Sierra Leone’s tourism sector. He stated that Liaoning Xinchi is willing to work with the Trust on potential redevelopment, upgrading, or new construction projects on the land that now houses the Radisson Blu Mammy Yoko and the Golden Tulip Kimbima Hotel.
“As investors, we are excited to be a part of this project and are confident in its success. “We look forward to collaborating with all parties involved to achieve the common goals outlined in this MOU,” Chairman Zhao stated.
The MOU is the first step in what the parties describe as a strategic partnership aimed at mobilising private investment in Sierra Leone’s hospitality and infrastructure assets. Both NASSIT and the government expressed their support for the swift implementation of the agreement, emphasising the potential for such collaborations to create jobs, improve facilities, and contribute to national development goals.
