STATEMENT BY H.E. DR ERNEST BAI KOROMA AT THE OPENING CEREMONY OF CHINA CIVIL ENGINEERING CONSTRUN COMPANY (CCECC-SL) DREAM ATLANTIC GARDEN VILLA PHASE 1 LUMLEY BEACH 11 NOVEMBER 2016

Mr. Chairman, Ministers of Government, Members of Parliament, Your Excellency the Ambassador of the People’s Republic of China, Vice President of China Civil Engineering Construction Corporation Mr. Zhang Wenjin, members of the Fourth Estate, distinguished ladies and gentlemen, good afternoon.

Today’s commissioning of the CCECC-SL Dream Atlantic Garden Villa Phase 1, marks a remarkable moment in the recent history of real estate development in Sierra Leone. This landmark development serves several purposes. First, it will provide housing for certain segments of the market whose requirements are captured in the design and development features of the estate.

Second, it will send a symbolic message that residential estate development of international standards can be done in Sierra Leone.

And very importantly, this investment by foreign private interest reinforces our strong message to all well-meaning investors that Sierra Leone is an investment destination and ready for business.

The location of the estate along one of our most popular and exotic beaches, much as it resonates with my avowed determination to develop Sierra Leone’s infrastructure, is also a welcome and towering boost to my Government’s efforts to making Sierra Leone an attractive tourist destination.

Distinguished ladies and gentlemen, My Government recognizes the provision of affordable housing as a fundamental responsibility we must bear, we also recognise the huge demand for affordable housing especially in Freetown and we recognise the need for my government to continue to support this type of initiative and partnerships in fulfilling that obligation.

But distinguished ladies and gentlemen, it is important to note that the demand for social housing cannot be fully addressed by Government alone. This is why we have been working assiduously to improve the investment environment, to attract private interests and to seek public private partnerships in order to expand the opportunities in the housing sector.

My government will continue steadily on this path and on the path of building new roads that will provide access to new areas. We will continue to expand on the coverage of electricity and water supply to encourage similar investments and to improve the general condition of living of our citizens.

For the past decade, the economic cooperation between Sierra Leone and China has been active, providing the platform on which more and more Chinese enterprises are participating in our economic development. While I applaud your consistent support to my Government’s development agenda, let me also encourage the management of CCECC to consider further investment in middle and low class housing across the country. Whether it is going to be an entire private investment or a public- private venture, I would like to assure you of my Government’s full support.

Today, with the commissioning of this facility, we have demonstrated how investors can work with Government to achieve sustainable results. I am confident that this facility, which has clearly given a facelift to this part of the Lumley Beach front will continue to provide employment for Sierra Leoneans at various level including at management level; that it will be a viable part of our tourism sector and that it will serve as a blueprint others will emulate.

Distinguished ladies and gentlemen, while I look forward to the second phase, it is now my honour to commission the phase 1 of the “Dream Atlantic Villa”.

Thank you all for your attention.

“Infrastructural transformation is a catalyst for growth and development” – President Koroma

President Dr Ernest Bai Koroma today, Monday 29th May 2017, officially opened the Sierra Leone Development Finance Forum jointly organised by the World Bank and the Ministry of Finance and Economic Development held at the Bintumani International Conference Centre in Aberdeen, Freetown.

The theme of the event; “Unlocking Private Investment in Sierra Leone” speaks to the avowed mission of the World Bank – ‘Working to end extreme poverty and promote shared prosperity & development’. According to President Koroma, the forum resonates well with the essence of his government’s Agenda for Prosperity.

The president noted that although Sierra Leone has a deep-rooted culture of entrepreneurship and many opportunities for business and private investors, emphasis should be laid on job-generating ventures in the key growth sectors of energy, tourism, fisheries and agribusiness insofar as utilizing this World Bank facility was concerned.

“Informed by the new private sector window by the World Bank Group, beginning in July 2017—this bold and much needed initiative will help the Bank, together with their partners, to mobilize private capital and scale-up private sector development,” he said, and urged the Development Finance Forum to deliberate on the successes and challenges of mobilizing transformational private sector investment. He also expressed the need to explore opportunities for public and private sectors to develop market-building alliances that will scale up the amount of private finance available for investment in the country. The president therefore expressed hope that the new US$2.5 billion Private Sector Window will be allocated through a predictable and transparent decision making process to ensure equal treatment across member countries.

President Koroma further noted that inasmuch as government strongly agrees that grant and concessional resources can attract significant levels of private investment to the country, because of its propensity to address the concerns relating to risk-return, he however cautioned that “this must also be underpinned by aligning the public and private sectors with the shared objectives of unlocking the potential to create jobs and reduce income inequality”. “This way”, he said, “this bold initiative by the World Bank Group would contribute significantly to Sierra Leone’s sustained economic growth and enhance the country’s food and energy security; in tune with the attainment of the Sustainable Development Goals. It is a clarion call for deeper collaboration by all actors involved in the public sector, the private sector, multilateral development banks and institutional investors.”

The Chief Executive pointed out that Sierra Leone’s highly favourable geography, with its abundant natural resources and young, diverse and tolerant work force provide the perfect investment destination for investors. He highlighted the efforts his government has made to improving the country’s road network, improving access to reliable electricity, as well as improving on the quality of and access to education and health services, adding that infrastructural transformation is a catalyst for growth and development.

He went on to note that the establishment of the Sierra Leone Investment Export and Promotion Agency (SLIEPA), the Public Private Partnership Unit (PPP) and the Small and Medium Enterprises (SME) Agency is to ensure proper coordination in the private sector as well as to lead and promote private sector investment, saying that government has undertaken substantial reforms to make the country a strong investment destination which still receives a high share of Foreign Direct Investment in the region.

Vice president, Development Finance of the World Bank Group Axel van Trotsenburg said the Sustainable Development Goals was adopted in 2015 by the United Nations and that the international community wants to translate the SDG initiatives into action of which Sierra Leone will be a major beneficiary. He noted that fragile states require more attention for job creation, economic transformation and produce strong private sector activities. He added that the $ 2.5 billion will help to foster support for Africa and Sierra Leone in particular in its development and transformative path.

President Koroma Receives IFC Delegation

President Dr Ernest Bai Koroma received today, Tuesday 3rd October 2017, a high level delegation from the International Finance Corporation (IFC) led by its vice president and treasurer Mr Jingdong Hua.

The delegation, which was accompanied by the Deputy Minister of Finance and Economic Development Foday B. L. Mansaray, is in the country to have first-hand information on how to support private sector development.

Welcoming the delegation at State House, President Koroma thanked the delegation for coming in to find ways to promote the private sector as government intensifies efforts to make it more viable. He described the new policies adopted by IFC as appropriate, and went on to highlight the impact the twin shocks of the deadly Ebola epidemic and the slump in the world market prices of commodities and iron ore had on Sierra Leone.

The president acquainted the delegation about the commencement of the second phase of Bumbuna hydro-electric project, as well as the ongoing expansion of the Queen Elizabeth II Quay, which will soon be transformed into a transhipment hub. The president also commended the delegation for the new approach to the current challenges facing government and private sector players, and assured them of government’s continued cooperation.


On his part, Mr Hua affectionately wished President Koroma happy belated birthday while outlining the implementation of IFC programmes, including the management of IFC funds.

The IFC vice president and treasurer disclosed plans by the corporation to support the private sector, and pointed out that Sierra Leone is one of the countries they will be focusing on to provide the enabling environment for private sector development. He also informed that they had held fruitful meetings with the Minister of Finance and Economic Development and the Governor of Bank of Sierra Leone, and reiterated IFC’s commitment to stimulate the private sector.

He further suggested that government budget should target priority areas and pledged to continue to work with government along that path.