Acting Finance Minister Secures Major Financing Deal with SIETRA Construction Company
On Wednesday, September 18, 2024, the Government of Sierra Leone, through the Ministry of Finance, Ministry of Works and Public Assets, and the Ministry of Planning and Economic Development, signed a Financing Agreement with SIETRA Construction Company for the reconstruction of the 86km Mabang-Moyamba-Gbangbatoke Junction Road. The signing ceremony, held at the Ministry of Finance’s main conference hall, attracted senior government officials, community leaders, civil society organizations, and representatives from SIETRA Construction Company.
Chairing the ceremony, Acting Financial Secretary Samuel E.B. Momoh highlighted the importance of the project, describing it as critical to the economic development of the region by improving connectivity between the Western and Southern areas of Sierra Leone.
The Director General of the Sierra Leone Roads Authority (SLRA), Ing. Alfred Jalil Momodu, noted that the government has made significant strides in connecting communities through the construction of roads and bridges across the country. He mentioned that the Ministry of Finance had hired consultants to conduct feasibility studies on 2,000km of poor road networks in Sierra Leone, with the aim of addressing the country’s infrastructure challenges.
Given the limited financial resources, SLRA has adopted an innovative financing model through Public-Private Partnerships (PPP) to fund road construction projects. This particular agreement, which spans ten years with a two-year construction period, is expected to significantly boost farming, fishing, and mining activities in the Moyamba and Bonthe districts.
Minister of Planning and Economic Development, Madam Kenya Ballay, said that the road project aligns with the government’s “Big Five Game Changers” agenda, aimed at enhancing the transport sector and creating jobs for the youth in Moyamba and nearby areas. She emphasized that the new road would facilitate faster movement of people and goods between Moyamba and Freetown, spurring economic growth.
Dr. Dennis Sandy, Minister of Works and Public Assets, stressed the necessity of the project for the economic vitality of Moyamba and surrounding communities. He urged the construction company to complete the work within the stipulated timeframe.
SIETRA Construction Company’s CEO, Compaore Rasmarie, expressed gratitude to the government for the opportunity and assured that the project would be delivered on time. He also pledged the company’s continued support for Sierra Leone’s development initiatives.
Acting Minister of Finance, Kadiatu Allie, praised the agreement, describing it as unique for its favorable terms, including a grace period and low interest rate, which will not impose a heavy financial burden on the government.
Civil society representative Charles Mambo commended the government for the initiative, noting that organizations had long advocated for better roads to connect communities and improve living standards. Paramount Chief Caulker of Bompeh Chiefdom also thanked the government, expressing excitement about the realization of a long-held dream for his community and district.
