His Excellency the President Rtd Brig. Dr Julius Maada Bio, on the 12th February 2021, officially launched the Government of Sierra Leone Microcredit Scheme (MUNAFA FUND) as support to promote and develop SMEs in the country.
This support is a fulfilment of the presidential campaign promised to Develop the private sector by providing the enabling business environment that will enhance business growth and also increase access to finance for SMEs through loan opportunities.
SMEs all over the world is recognized as the engine of economic growth and the enabler to eradicate poverty.
It is estimated that SMEs contribute about 95% to the GDP of both developed and developing countries in the world.
In Sierra Leone, SMEs accounted for about 87% of the jobs credited particularly in the Agricultural and Tourism Sectors.
Over the last two years, SMEs has suffered the hardest hit in the hands of the COVID-19 Pandemic, which has negatively impact the country’s economy.
In a bid to revamp the economy and way to cushion the adverse effect of the COVID-19 Pandemic on SMEs in the country, the Government through the Ministry of Finance has provided 100 billion as a package to enhance SMEs development for growth, productivity and competitiveness.
The support will leverage government determination to economic growth, jobs and wealth creation for women and youths in Sierra Leone.
As part of its implementation process,
SMEDA, Ministry of Trade and Industry and the Ministry of Finance in partnership with Financial Service Providers (FSPs) has officially commenced the disbursement of the 1st tranche of loans to the 1st set of beneficiaries across the entire country.
The disbursement is simultaneously taking place in the offices of the Financial Service Providers (FSPs) in the 16 districts of the country.
The exercise which started on Thursday 25th March 2021, is expected to end on Saturday 27th March 2021.
His Excellency the President Rtd Brig. Dr Julius Maada Bio, on the 12th February 2021, officially launched the Government of Sierra Leone Microcredit Scheme (MUNAFA FUND) as support to promote and develop SMEs in the country.
This support is a fulfilment of the presidential campaign promised to Develop the private sector by providing the enabling business environment that will enhance business growth and also increase access to finance for SMEs through loan opportunities.
SMEs all over the world is recognized as the engine of economic growth and the enabler to eradicate poverty.
It is estimated that SMEs contribute about 95% to the GDP of both developed and developing countries in the world.
In Sierra Leone, SMEs accounted for about 87% of the jobs credited particularly in the Agricultural and Tourism Sectors.
Over the last two years, SMEs has suffered the hardest hit in the hands of the COVID-19 Pandemic, which has negatively impact the country’s economy.
In a bid to revamp the economy and way to cushion the adverse effect of the COVID-19 Pandemic on SMEs in the country, the Government through the Ministry of Finance has provided 100 billion as a package to enhance SMEs development for growth, productivity and competitiveness.
The support will leverage government determination to economic growth, jobs and wealth creation for women and youths in Sierra Leone.
As part of its implementation process,
SMEDA, Ministry of Trade and Industry and the Ministry of Finance in partnership with Financial Service Providers (FSPs) has officially commenced the disbursement of the 1st tranche of loans to the 1st set of beneficiaries across the entire country.
The disbursement is simultaneously taking place in the offices of the Financial Service Providers (FSPs) in the 16 districts of the country.
The exercise which started on Thursday 25th March 2021, is expected to end on Saturday 27th March 2021.
Great work in promoting SME development and growth. I believe the Munafa Fund will make a positive impact to the economy.
Micro Credit schemes all over the world when managed well is said to alleviated poverty among impoverished communities. The Greens Bikas Bank in Bangladesh was a success story. It the right step in the right direction.
It is a very good initiative of the president
CommentFor sustainability, it would have been good for all benefiaries to be trained in Entrepreneurship and Financial literacy by the appropriate service provider. it will ease disbursement through the Financial Service Provider and collection of loans