Govt to Commence Kamakwei Road Soon

By Marian Tina Conteh

Sierra Leone’s government is negotiating with the Islamic Development Bank Group to fund the Tomparie – Kamakwei road and when completed is expected to boost economic activities in that part of the country and beyond.

This deal is expected to be sealed before the end of this year, with an expected amount of 70 million Euros.

This new development was disclosed by the Financial Secretary Matthew Dingie, who is acting in the capacity of Bank Governor on behalf of Sierra Leone, in the ongoing Islamic Development Bank Group (IsDB) Annual meeting and Golden Jubilee celebration in Riyadh City, Saudi Arabia.

 

Matthew Dingie confirms that a delegation from the IsDB recently visited Sierra Leone on a scoping mission, where they took their Engineers to look at the stretch of the road and other details.

“The delegation is back, and they will present their findings to their board before this year ends for approval,” he noted. The Financial Secretary continued that when approved, the Government of Sierra Leone will advertise the road project and allow companies to apply. He said they would award the contract to the winning company after the bidding process before the end of the year or early next year, and the project would have a kick start.

Matthew Dingie further revealed that Sierra Leone, as a member state of the Islamic Development Bank Group, has reaped significant benefits from the Bank’s funding. These funds have been instrumental in various sectors such as agriculture, infrastructure, health, and more. Another promising project in the pipeline to be funded by the Bank is the cassava and livestock project, which is estimated to cost about 20-30 million euros. This project, if realized, will greatly enhance food security in the country and align with the government’s Feed Sierra Leone Agenda, a top priority.

Speaking during the Governor’s round table discussion, Mr. Dingie mentioned Sierra Leone’s suggestion to the IsDB on tackling climate issues and climate financing, how the Bank will come in to support member countries to attract climate financing and how member countries are to protect the environment.  According to Dingie, Sierra Leone’s second suggestion is how the government can get an Islamic Bank for the private sector doing business. As it is believed that Islamic financing is very cheap because it is a finance system that you don’t have to pay interest on, if Sierra Leone gets an Islamic Bank, it will create an avenue for people who want to do business to access finances that will help boost their businesses with a low cost to pay back to the Bank. Which in turn will create more jobs for the people. “This is what Sierra Leone wants to see in the next 10-15 years from the IsDB”, he noted.

In all these hopes of member countries who are partaking in the ongoing IsDB Annual Meeting, the president of the Islamic Development Bank Group (IsDB), H.E. Dr Muhammad Al Jasser, in his opening speech during this Annual meeting, reassured member countries of the Bank’s commitment to its continued support to its member countries. “The world needs long-term solutions, and sustainable infrastructure projects are the answer,” he said. He highlighted that financing these projects requires a paradigm shift, and the estimated US$15 trillion infrastructure financing gap by 2040 is staggering. During his speech at the Golden Jubilee celebration, H.E. Dr Muhammad Al Jasser disclosed that the capital base and development financing of the IsDB has increased, with total approvals since inception exceeding USD 182 billion, geared to the funding of more than 12,000 development projects. He noted that these achievements were enabled primarily by the grace of Allah Almighty and the concerted efforts of its member countries, who have been partners in building its grand edifice.

H.E. Dr. Muhammad Al Jasser concluded on a note that the Bank’s continued contribution to realizing the socioeconomic development aspirations of its member countries and providing practical solutions to the challenges facing all. He emphasized that their work is not only to offer solutions to current challenges but also to provide solutions for future generations that are yet to come into existence. “Our infinite mission is to serve humanity” he concluded.