BY: MOHAMED SAHR
The Minister of Tourism and Cultural Affairs, Nabeela Tunis, celebrated the significant contributions of Small and Medium Enterprises (SMEs) to Sierra Leone’s economic growth during the Sierra Leone Economic Diversification Project exhibition. The event, held at the Family Kingdom Resort in Aberdeen on Wednesday, 29th May 2024, showcased the progress and impact of the project funded by the World Bank.
In her opening remarks, Minister Tunis praised the Government of Sierra Leone for its unwavering commitment to the Sierra Leone Economic Diversification Project. She highlighted the project’s role in helping SMEs realize their full potential, aligning with President Bio’s vision for economic diversification as outlined in the National Development Plan.
“The progress of SMEs demonstrates our commitment to driving growth and development in Sierra Leone,” Tunis stated. She underscored that the initiative prioritizes human capital development and is a key component of President Bio’s “Big Five Game Changers.”
The exhibition highlighted the achievements of the sixty best-performing SMEs, which have evolved from incubation to becoming prominent entrepreneurs. These enterprises now contribute significantly to job creation and technological innovation in the country.
Mary Jalloh, Project Coordinator of the Sierra Leone Economic Diversification Project, emphasized the project’s focus on capacity building for SMEs, with a particular emphasis on empowering women. “There are 76,573 direct and indirect beneficiaries, with 42,890 being women,” Jalloh noted. She reported that the project has leveraged $39.8 million in private sector investment and created 2,323 jobs, of which 912 are held by women and 31 by individuals with disabilities.
Jalloh also highlighted the government’s support for the circular economy through direct interventions with circular businesses. She stressed that the project’s primary objective is to infuse cultural entrepreneurship into everyday business practices, fostering innovation and solutions within the ecosystem.
World Bank’s Practice Manager for Finance, Competitiveness, and Innovation, Mehnaz Safavian, expressed her admiration for the success of the sixty SMEs, acknowledging the project’s role in addressing challenges impeding economic growth in Sierra Leone.
Sharka Samuel Sannoh, CEO of the Small and Medium Development Agency, discussed the project’s efforts to enhance SME competitiveness and support the entrepreneurial ecosystem. He emphasized the need for continued investment and support from partners and the private sector to provide grants, technical assistance, and skills to SMEs nationwide.
The exhibition served as a testament to the impact of technical support provided to SMEs and underscored the collaborative efforts of the Government of Sierra Leone and the World Bank in fostering economic growth through entrepreneurship.
