IFC-ACTB Signs US$3M Loan Agreement
By Mohamed Konneh
The International Finance Cooperation of the World Bank on Tuesday March 11th 2024 signed a US$3 Million loan agreement with A Call To Business (ACTB) as part of effort to support small business growth in Sierra Leone.
The signing ceremony took place at the World Bank Office, Wilberforce Loop in Freetown.
Speaking before signing the agreement the IFC Regional Director Central Africa and Anglophone West Africa, Dahlia Khalifa said the IFCs three million dollar loan in Sierra Leone will allow ACTB to increase local currency lending to smaller businesses in the country, supporting economic activity and job creation.
She said it is anticipated that roughly 70 percent of new of new loans will go to women borrows in line with ACTB current customer base.
‘Financial inclusion is essential for sustainable development and our partnership with ACTB demonstrates our shared commitment to it’ said Dahilia Khalifa.
The IFC representative noted that the investment will help smaller businesses access the funding they need to maintain and grow their operations and support job creation and that the partnership is consistent with their strategy to support a stronger, more inclusive economy in Sierra Leone.
Madam Khalifa noted that in addition to providing financial and building on previous advisory support IFC delivered to ACTB, IFC announced it would help microfinance institution develop its five year business plan and strengthen focus in the market.
Shiekh Yayah Sesay, Deputy Bank Governor of the Central Bank of Sierra Leone in his statement said the IFC improves the life of people in developing countries by investing in private sector growth.
He said for more than 60 years we have leverage the power of the private sector for global good and that today we are using that experience to transform ideas into investment for green growth, inclusive jobs and impactful projects.
He said the IFC partnership support is very much in line with the bank of Sierra Leone financial inclusion adding that they believe after the implementation of this project access to finances will increase.
‘The signing of the agreement is a significant step in our mission to increase our impact in Sierra Leon said Mr. Sesay.
He commended the work of the IFC for the support they continue to give to Sierra Leone and its people.
‘Thank you IFC for your financial support. People might be thinking this support is small, but this is not small. This is a big support for the people of Sierra Leone,’ he said.
Mr. David Kamara, CEO ACTB Savings and Loans while signing the agreement said access to finances has been a barrier in the sector making businesses to struggle.
‘We learnt a lot during the negotiation and that the due diligence done by the IFC was learning period for our team.
He said there are lots of businesses that are struggling to access resources but today we are proud to have received this loan.
Mr. Kamara noted that the Technical assistant has brought us this far and I must say the due diligence was very much detail something we’ve not seen for a long time.
‘We have done a lot and we enjoyed the support of the team. We see value addition and the kind of support we have started seeing is encouraging as this will take us to places,’ he said.
Mr. Kamara said working with the IFC has help us greatly and that signing the facility today will go a long way in helping small businesses.
