News in Brief:
– Sierra Leone launched a joint project with the EU and UNCDF to empower over 500,000 farmers.
– The project focuses on financial inclusion, climate resilience, digitalisation, and a supportive business environment.
Sierra Leone’s agricultural sector is set for a significant boost with the launch of the Salone Access to Finance Project, a collaborative effort between the government, the European Union (EU), and the United Nations Capital Development Fund (UNCDF).
The project aims to empower over half a million farmers across the country. It focuses on four key pillars to address critical challenges faced by Sierra Leonean farmers, these include:
- Financial Inclusion: A central pillar is increasing access to credit. This will enable farmers to invest in essential equipment, seeds, and other resources needed to improve their yields and profitability.
- Climate Resilience: The project acknowledges the threat of climate change to agricultural production. To mitigate this risk, a climate adaptation safety net insurance scheme is being developed to protect farmers from financial losses due to extreme weather events.
- Digital Transformation: The project recognises the transformative power of technology. By leveraging digital tools, farmers will gain better access to financial services and vital information, such as market prices and best agricultural practices.
- Supportive Environment: The project will advocate for a more supportive regulatory and legal framework for agricultural businesses. This will improve the overall environment for farmers to operate and thrive.
Furthermore, the Salone Access to Finance Project is expected to yield significant benefits. Stakeholders anticipate the creation of new jobs, increased economic growth, and a vital contribution to the government’s Feed Salone Strategy. These are all aimed at achieving food security.
The project launch was met with optimism from key stakeholders. Sierra Leone’s Minister of Agriculture highlighted the project’s potential to drive innovation and propel the agricultural sector forward.
In the same vein, Manuel Müller, the EU Ambassador to Sierra Leone, expressed confidence that the initiative will act as a catalyst for growth. He said it will also contribute to inclusive socio-economic development in Sierra Leone’s agricultural sector.
Similarly, the Governor of the Bank of Sierra Leone, Dr Ibrahim Stevens, noted the project’s potential to empower farmers, a critical demographic for the country’s economic well-being.
Finally, the UNCDF Country Lead, Dr Mohammad Albatayneh, reaffirmed their commitment to unlocking financial resources for sustainable development in Sierra Leone’s agricultural sector.
Funded by the EU and implemented through a collaborative approach, this project signifies a promising step towards a more empowered and productive agricultural sector in Sierra Leone.
