A €12 million European Union Financing Agreement to improve trade competitiveness between Sierra Leone and the European Union (EU) has been ratified by the parliament.

The financing agreement which had been in the offing since March is termed Business Environment and trade competitiveness for 'Salone' (BEC4S). Bockarie Kalokoh Deputy Minister of Finance disclosed that the agreement would focus on supporting small businesses in the drive to make them export oriented.

He informed lawmakers that the Financing Agreement will help in fostering World Trade Organization’s (WTO) rules, the Economic Community of West Africa States (ECOWAS) Trade Liberation schemes as well as enhance trade competitiveness with the country’s trading partners.

The agreement, Kalokoh stated, would also ensure institutional reforms on business and identify clear rules for investors and other businesses. Chairman of the House’s Finance Committee, Mr Francis Kai-Samba applauded government for signing the Agreement with EU and expressed hope that the fund would be actualized for it's intended purposes. He for proper monitoring mechanism. Speaking in same vein, Hon. Abdul Karim Kamara observed that it is a value added Agreement and called for proper management of the resources. Acting Leader of Opposition, Hon Daniel Koroma observed that the Financing Agreement is a grant to the country noting that it is not the first time that the EU had been supporting Sierra Leone. The biggest of the problems being faced by the country ‘management of resources’. He called on the implementing partners to use and manage the funds judiciously.

The Sierra Leone business environment, according to him, is relatively friendly to investors. He however identified the challenges posed by unnecessary bureaucracy in finalizing documentations for businesses. Leader of Government Business, Hon Marhew Nyuma noted that consistency is essential in policy drive adding ‘in gaining this grant, it shows that the country has aligned with strong benchmarks. He assured that transparency and accountability of the Agreement would be effectively monitored and supervised during it implementation.

The agreement is intended to be implemented within five years.