03/09/2026
Government Announces $73.8m Development Financing Plus New Legislative Proposals
The government on Tuesday announced it has approved development-financing agreements worth approximately $73.8 million, targeting agriculture, food security, affordable housing, job creation and increased incomes for farmers, with women and young people identified as major beneficiaries.
Making the announcements on Tuesday, Information Minister Chernor Bah said the a $10 million concessional loan from the Arab Bank for Economic Development in Africa has been approved to enable Sierra Leone acquire additional shares in Shelter Afrique Development Bank, with the Ministry of Finance directed to present the agreement to parliament for ratification.
Another $23.8 million from the African Development Fund for Phase One of the Sierra Leone Rice Special Agro-Industrial Processing Zone Project was also approved. This project will focus on climate-resilient rice production, local processing, competitiveness and food security, and support the establishment of agro-industrial hub and agricultural transformation centres, with particular attention to women and young people.
Minister Bah said the investment aligns with the government’s Feed Salone agenda and is expected to improve rice production and processing while creating employment opportunities.
Further, he announced a $40 million grant-financing agreement with the International Development Association for the Sustainable Agriculture Value Chain Intensification for Growth Project.
The project will promote climate-smart agriculture, improve value addition and market access, expand digital agricultural services and increase farmers’ access to finance.
It is also expected to attract private-sector investment into agriculture and directly benefit nearly 100,000 farmers, including 40,000 women and 30,000 young people, he said.
Beyond development financing, Minister Bah heralded that Cabinet has greenlighted a proposed legislation titled the National Social Security and Pensions Authority Act, signaling the replacement of the National Social Security and Insurance Trust Act of 2001.
He said the proposed reform seeks to align the pension framework with contemporary labour market changes, including the growing number of self-employed workers, microenterprises and people engaged in digital forms of employment.
The proposed law will also strengthen governance, transparency and service delivery while protecting contributors’ benefits and ensuring the long-term sustainability of the national pension scheme, he said.
In the mining sector, he said Cabinet has designated certain mineral assets to the Sierra Leone Mines and Minerals Development and Management Corporation for identification, development and management, as part of ongoing reforms to strengthen the state’s participation and investment in mineral exploration and development.
Finally, Minister Bah announced two other legislative proposals, the Land Adjudication Bill and Land Title Registration Regulations, which seeks to strengthen registration of land under both formal and customary tenure, and establish a unified National Land Register.
Minister Bah said the reforms would make it easier for people to verify land ownership before entering into transactions.
The lands minister has been directed to present the legislation to parliament, with government hoping the reforms will become law before the end of the year.