$78 million credit for Bumbuna II

To further strengthen the energy sector to improve on electricity, Government over the weekend entered into a loan agreement of $78 million dollars with the Export and Import bank of India.

In a short but impressive ceremony at the Ministry of Finance, Ministers of Finance, Foreign Affairs, and Energy together with other Government functionaries signed a credit agreement of $78 million dollars, which will be utilized to finance the construction of a transmission line from Bumbuna Hydro dam II to Freetown and build sub-stations to deliver electricity to various towns and communities along the line.
Minister of Finance and Economic Development, Momodu Kargbo informed the EXIM bank 
representative of government’s commitment to improve on the energy sector, noting that presently it is negotiating the terms and conditions of financing for the construction of about 140 Mega Watts of the Bumbuna II project, but government is grateful to the Government of India, as well as the Management of India EXIM bank for their proactive credit finance for the construction of the line.

He added that after the completion of the line, it will not only transmit the power generated from both Bumbuna I and II, but will also  transmit power from the on-going regional transmission line from Ivory Coast through Liberia, Sierra Leone onto Guinea, and the project when completed by 2018 will coincide with the expected completion of the EXIM bank project.
Energy Minister, Henry Macauley in a delighted mood said, a Country without adequate energy cannot achieve prosperity, in this regard government is being proactive to improve on the energy sector which is the driving wheel for development.

He commended the management of EXIM bank for accelerating the process of the credit agreement, which will add 30% to the improvement of the sector in the country, for economic prosperity.
Resident Representative, EXIM bank, Poshpesh Tyagi stated that Export and Import Bank of India, is a financial institution of the Government of India, established in 1982 to promote economic development around the World through bilateral relations, of which had existed between Sierra Leone and India for over thirty years.

He said apart from the energy credit, EXIM bank has other financial relations with Sierra Leone on Agriculture and Water projects.
Mr Tyagi assured Government officials of EXIM’s continued assistance and support to various sector growths in the country.

Also the EXIM representative disclosed that the bank will further encourage big companies in various businesses to do business with Sierra Leone, to strengthen trade and commerce.
On his part Foreign Affairs Minister, Dr Samura Kamara gave fine sentiments about the ties that exist between the two countries which has resulted to many benefits shared by the two nations.
He let the cat out of the bag, that in the not too distant future Sierra Leone will further improve diplomatic ties with India, through the establishment of a Sierra Leone Embassy, in India.


By Ade Campbell