The Government of Sierra Leone and the European Union and have concluded a Financing Agreement for EUR 85 million (Le510 billion) for State Building. This amount has been programmed to be disbursed in three installments (2015-2017); of which EUR25 million will be disbursed in Financial Year 2015.
The overall objective of the State Building Contract is to contribute to sustainable and inclusive growth and the improvement of political and economic Governance in Sierra Leone. This programme will assist the Government to strengthen resilience to external shocks, improve domestic revenue management and to increase capacity for accountable and service delivery.
“It is an honour to announce the conclusion of a new Financing Agreement for the State Building for Sierra Leone of Le 51O Billion. This programme will benefit Sierra Leone through direct financial support to the treasury account in 2015, 2016 and 2017 making an important contribution to the post-Ebola recovery process,” said the Head of the EU Delegation, Ambassador Peter Versteeg.
In his remarks, the Minister of State in the Ministry of Finance and Economic Development, Hon. Foday B.L. Mansaray, said that “as we had underscored in the past, the EU is one of Sierra Leone’s reliable and dependable development partners and the Government and people of Sierra Leone continue to be sincerely appreciative of the EU’s contribution to our development efforts.”
This second consecutive State Building Contract aims to consolidate the transition towards sustainable development through sector support programmes, in education and agriculture focal sectors for the EU cooperation in Sierra Leone.
The new programme is in line with the Government’s “Agenda for Prosperity” and combines annual disbursements of fixed and variable performance based tranches with complementary technical assistance to support public financial management, revenue mobilisation and service delivery.
This Budget Support programme is part of the 11th European Development Fund provision for Sierra Leone. The 11th EDF runs from 2014 to 2020 and grants Sierra Leone a total financial allocation of € 376 million. Additional support is made available through regional and specific thematic programmes.