A press statement published on the website of the World Bank has confirmed that the World Bank’s Board of Executive Directors approved a $65 million grant to support Sierra Leone’s efforts to achieve inclusive and sustainable growth. This grant, the third in a series of three operations, will help the government address critical challenges in macroeconomic stability, the mining sector, governance, land management practices, gender equality, and accountability of the public sector.
“Sierra Leone has the potential to eradicate extreme poverty and boost shared prosperity,” said Abdu Muwonge, World Bank Country Manager for Sierra Leone. “This financing will help the government implement reforms that will improve economic management, strengthen governance in key sectors, and promote gender equity. These reforms will lay the foundation for a more inclusive and sustainable economy.”
Sierra Leone’s growth has been hampered by many challenges, including exogenous shocks, governance weaknesses, and limited fiscal space. The reforms supported by this operation will help address these challenges and promote inclusive growth.
“Ongoing structural reforms, including those supported by this operation, will help Sierra Leone build a more resilient and sustainable economy,” said Smriti Seth, World Bank Senior Economist and Task Team Leader. “The World Bank is committed to supporting the government’s efforts to implement these reforms.”
The DPF will support the government in Strengthening macroeconomic stability and managing inflation Improving governance in the mining sector
Promoting inclusive land management Enhancing gender equality in education and employment Strengthening accountability and transparency in the public sector.
This program builds on the strong foundation established by the two earlier operations in this series. These operations have helped to initiate landmark reforms, including promoting decentralized and inclusive land management, strengthening governance and licensing practices in the mining sector, and promoting gender inclusivity in education and employment.
The World Bank is a leading partner in Sierra Leone’s development efforts. Since 1975, the World Bank has provided over $3 billion in loans and grants to Sierra Leone. The Bank is committed to working with the government to help Sierra Leone achieve its development goals.
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