Parliament Approves €12 Million EU Finance Deal
Parliament of Sierra Leone has ratified a €12 million finance agreement with the European Commission aimed at improving business, environmental sustainability, and competitiveness through the “Business, Environment, and Competitiveness for Sierra Leone” (BEC4S) initiative. The agreement, presented by the Ministry of Finance on March 20, 2024, is seen as a significant achievement for the country.
Hon. Francis Amara Kai Samba, Chairman of the Finance Committee, hailed the agreement, highlighting its positive impact on the population and stressing the importance of transparency in managing the funds. However, opposition members raised concerns about local institutions’ ability to sustain donor investments, urging the strengthening of entities like the Standards Bureau to better market the country’s natural resources internationally.
Hon. Daniel Brima Koroma, Deputy Opposition Leader, emphasized the need for improvements in resource management and packaging to attract foreign investment. Meanwhile, Hon. Sahr Matthew Nyuma, Majority Leader, reiterated that securing donor funds depends on meeting international standards and ensuring proper implementation.
The Deputy Minister of Finance II assured that a steering committee would oversee the agreement’s execution, with a focus on Sierra Leone’s aquaculture and blue economy.
This agreement represents a key step in Sierra Leone’s efforts to boost its economic competitiveness and address pressing environmental issues.
