IFAD to Build Nine Community Banks in Sierra Leone

Feb 2007
Sierra Leone, February, 19 2007 - The International Fund for Agricultural Development (IFAD) which is a Strategic partner in the development of Micro-finance through Agricultural processes has been reported to be making final arrangements for the establishment of about nine Community Banks throughout Sierra Leone as a way of enhancing the status of poor Rural Farmers in the Country.

This was disclosed by the United Nations Development Programme (UNDP) Micro-finance Project Officer, Mr. Abdulrahman Bob Conteh, on the 16th February 2007 at the UNDP Headquarters 76, Wilkinson Road in Freetown.

Mr. Conteh defined Micro-finance as, "the provision of small scale Financial Services to economically active but poor and low income people on a sustainable basis". He further intimated that the UNDP with other strategic partners amongst which were IFAD and Sierra Leone’s Ministry of Development and Economic Planning, has been able to make some achievements in the servicing of about forty thousands Sierra Leoneans with loans ranging from three hundred thousand leones (Le300,000) to about five million leones (Le5,000,000) per person. This achievement in the loans scheme he noted was made possible through a few Lending Institutions based in the Country.

Mr. Conteh, therefore noted that the establishment of nine more Community Banks in the Country by IFAD, will have a great positive impact on the people of this Country more so to the economically active poor persons in the country.

Other strategic partners in the Micro-finance Scheme Development for Sierra Leone are Cordaid, Voluntary Service Overseas (VSO) and the Union Trust Bank (UTB) are all reported to be working hard to lift up the Human and Economic Status of the people of Sierra Leone.


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