The Small and Medium Enterprises Development Agency of Sierra Leone (SMESL), which was established by that nation’s parliament in 2015 [2], recently announced it will provide loans at interest rates below 10 percent per year without a collateral requirement, in an effort to strengthen small and medium-sized enterprises in the country.
In addition, SMESL announced the “Local Content Agency Act”, which seeks to strengthen the connection between foreign organizations and the local economy. It also requires investors to meet certain operational targets, such as developing worker skills and improving technology. According to Ernest Bai Koroma, the president of SMESL: “it will also ensure that Sierra Leoneans have a fair and transparent opportunity to compete for the delivery of local materials and other goods and services under a preferential price sensitive procurement system without compromising timeliness, quality, safety and other standards”.
By Kevin van den Brink, Research Associate
Sources and Additional Resources
[1] AllAfrica, News, “Sierra Leone: SME Development Agency Would Provide Loans at a Single Digit Interest Rate”
[2] Parliament of Sierra Leone, Press Release, “Parliament Enacts Sierra Leone Small and Medium Enterprises Development Agency Act 2015”
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