“British International Investment, the UK’s development finance institution and impact investor, today announced a $25m risk-sharing facility with Ecobank Sierra Leone to boost private sector growth in high-impact sectors of the economy. The risk sharing facility, which includes a comprehensive technical assistance programme, will support Ecobank to increase lending to ambitious businesses in a frontier market where economic growth is hampered by a lack of capital and investment,” it stated.
According to the bank, the private sector is a vital component of Sierra Leone’s economy, comprising primarily small and medium-sized enterprises that provide employment for about 70 per cent of the population.
It added that, however, those businesses often struggled to access capital due to factors, such as high collateral requirements and limited financial products.
“This agreement will support local currency lending, bringing much-needed capital into sectors with a high development impact, thereby contributing to job creation and economic growth,” said UK Minister for Development, Anneliese Dodds.
The Managing Director and Head of Financial Services at BII, Samir Abhyankar, highlighted the significance of the partnership.
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