New Partnership Jumpstarts Development in Sierra Leone and Liberia

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Jul 2009
New York, United States, July, 22 2009 - BRAC is leading a $15 million initiative to rebuild war-torn communities in West Africa, four organizations supporting the effort announced today.The Soros Economic Development Fund, Open Society Initiative for West Africa, Omidyar Network, and Humanity United are funding this groundbreaking initiative to support families and prevent renewed conflict.

"This investment in the people of West Africa comes at a critical time," said Stewart Paperin, president of the Soros Economic Development Fund. "With their countries emerging from devastating civil wars, this support gives people the tools to rebuild."

BRAC, one of the world's largest anti-poverty groups, is providing microfinance, health, and agricultural support in Sierra Leone and Liberia. It anticipates that over 500,000 people will benefit from these programs.

"In the face of overwhelming need, BRAC's work has real potential to create opportunities for hundreds of thousands of families to stabilize their lives and build for the future," said Matt Bannick, managing partner of Omidyar Network. "Our investment will help catalyze this economic and social impact."

Since March, BRAC has opened 20 new microfinance branches in Sierra Leone and Liberia and will add 20 more by the end of the year. BRAC made its first loans in June. Over the next two years, it will provide financial services to tens of thousands of women, as well as agricultural supplies and training to small crop and livestock farmers. BRAC will also prepare four hundred community based health volunteers to provide ongoing essential healthcare and help fight deadly diseases like malaria, tuberculosis, and cholera.

"People desperately need to earn a living," said Fazle Hasan Abed, founder and chairperson of BRAC. "Despite the many challenges these countries face, Liberia and Sierra Leone are uniquely positioned to become models for successful development in West Africa. We are committed to providing training and resources so that the poor, especially women, can unleash their capabilities as entrepreneurs and improve their livelihoods."

BRAC's work in Sierra Leone and Liberia is being funded through a combination of grants and equity, and BRAC is negotiating additional debt capital to finance the loan portfolio. This two-year pilot program will help BRAC build a long-term sustainable strategy for integrated development in Sierra Leone and Liberia.



Source : PRNewswire
 

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