The government is to rollout a core investment facility of US1.5 million dollars under the Sierra Leone Economic Diversification Project (SLEDP) to de-risking on-lending to small and medium scale Enterprises (SME) in the economy next year.

This move forms one of the government’s strategies to buoy up activities in the SME sub sector would mitigate the risks associated with lending to small and medium scale enterprises in the country. In addition to this, the government is also in discussions with the World Bank for additional funding to further support SMEs.

In the current year, the Sierra Leone Economic Diversification Project (SLEDP), in collaboration with the Small and Medium Enterprises Development Agency (SMEDA), is said to have disbursed a total of US$3.0 million in 2024 to support the growth of about 102 SMEs, over 50 percent of which are women-owned enterprises.

To improve access to finance for businesses, the Bank of Sierra Leone, with support from SLEDP, continues to implement the upgraded collateral registry. This initiative has successfully unlocked US$39.3 million in loans by using immovable and movable assets as collateral. These efforts have resulted in the creation of more than 2,000 jobs in sectors such as light manufacturing, innovation, tourism, agri-business, and the creative and circular economy.” Finance Minister Mr Ahmed Bangura recently stated this as he addressed the parliament on the economy.

“You may recall that the government established the MUNAFA Fund in 2021, initially capitalized with NLe30.0 million to improve capital access for SMEs”.

The fund, he said, has recorded a recovery rate of 63 percent so far. “Consequently, the government is urging Financial Services Providers (FSPs) to intensify their efforts to recover loans and repay the principal to SMEDA, which will enable more businesses to benefit from the fund”.

The Small and Medium Enterprises Development Agency (SMEDA) has secured a $26.9 million grant from the United Nations Industrial Development Organization (UNIDO) and the Global Environment Facility (GEF),.

With this, the agency is set to implement the Promotion of Climate Adaptation Technology and Business Model Innovations and Entrepreneurship in Sierra Leone (CATBIE) project. This transformative initiative will target key sectors such as water, energy, and food, aiming to foster sustainability, resilience, and economic growth. The CATBIE project will focus on providing capacity building, technology transfer, business coaching, and enhanced access to finance for SMEs. It is expected to create 200 new jobs and support 250,000 vulnerable individuals, including 40 percent women and 20 percent youth.

The project’s emphasis on climate adaptation technology and innovative business models will not only empower SMEs but also address pressing environmental challenges. A National Adaptation Innovation Platform will be established under the project to promote collaboration among stakeholders, drive research, and facilitate the adoption of climate-smart solutions across the country.

In alignment with SMEDA’s broader mandate, this initiative complements ongoing efforts to expand opportunities for SMEs. Over the years, SMEDA has championed programs that enhance access to capital, build entrepreneurial capacity, and encourage innovation within the SME sector.

The CATBIE project underscores SMEDA’s commitment to driving economic diversification, creating employment, and fostering inclusivity in Sierra Leone’s economic landscape.

Additionally, SMEDA is working closely with other national and international partners to ensure that the grant is efficiently utilized to achieve its intended outcomes. By empowering SMEs to adopt sustainable practices and innovative technologies, SMEDA continues to position itself as a key driver of Sierra Leone’s socio-economic transformation.

The world’s most influential travel and tourism event opens in London tomorrow. The event hosting global tourism participants holds from the 5th to 7th November at the ExCel London. It is the 44th edition in the series.

WTM London estimates that 82% of attendees are international visitors who are spending money on transport, accommodation, and entertainment during their time in the city. 40% of visitors are spending three days in London for the event, 33% are spending at least seven days in city and 9% of international visitors are staying in the capital for at least nine days.

Juliette Losardo, Exhibitor Director, WTM London, comments: “While the travel trade are busy curating that £2.2billion worth of travel and tourism deals during World Travel Market, we’re proud that WTM also has such a significant impact on our host city of London. The range of accommodation, world-class dining and wealth of attractions the city has to offer, are a real draw for our attendees, many of whom use WTM London as an opportunity to tag on leisure days and, in doing so, boost spend for the economy.”

On track to host the most exhibitors the show has ever seen, WTM London has reported a 7% growth in exhibitor numbers this year, with over 4,000 global tourism boards, hoteliers, transport services, technology brands, associations and experiences set to will take to the halls of Excel London for three days of business. It’s estimated that in excess of £2.2 billion worth of business deals will be signed this year at the event.

According to VisitBritain data, international delegates visiting the UK for a trade show on average spend £352 per day, which estimates a total visitor spend of £71,215,218. In a recent report from Deloitte, they suggested that for every £1,000 spent, a further £1,800 is generated in direct tourism gross value, totalling an impressive £200m injection from WTM London into the economy.