Business Environment and Capacity Building
The objective of this component is to support policy, administrative and regulatory reforms that will facilitate business entry and operation in Sierra Leone.
Sub-component – 1: Intervention
This component focuses on streamlining, automating (whenever possible) and making more transparent the interactions between government institutions and businesses related to registration of firms and obtaining of licenses, permits, approvals and other key documents needed for a business to operate in Sierra Leone
Business registration and licensing
- Review of Business Laws and Regulations.
- Streamline and Digitize Business Processes
- Establishment of a One-Stop Shop for Business Services (OSSBS), to centralize and make readily available information about business procedures and their costs, while also eventually enabling businesses to register and apply for these licenses and permits online in a single place
Construction Permit System and Digitalization of Land Records
- Online Construction Permit System: support the development of an Online Electronic Construction System
- Digitization of Existing Records: support the digitization of land records, maps and property deeds at the OARG, including the creation of digital searchable databases covering property deeds and interests in land (immovable property) including financial incumbrances (e.g., liens, mortgages
- Legal and Administrative Reform: technical assistance to modernize and harmonize the Registration of Instruments Act, the Survey Act, and related regulations, and streamline administrative procedures and policies related to transfer of property rights#
Sub-component 2 – Strengthening Access to Finance Infrastructure
The objective of this subcomponent is to improve access to finance and financial inclusion for SMEs and entrepreneurs in Sierra Leone by supporting the improvement of the Collateral Registry for movable securities. This subcomponent supports the following;
- Enhancement of the legal and regulatory framework for movable assets;
- Enhance compliance and usage of the collateral registry by the financial sector and other creditors (secured parties);
- Assessment of the prudential regulations to ensure complementarity with the new Borrowers and Lenders Act;
- Conduct extensive information and communications campaigns amongst local SMEs, with specific strategies to reach women and persons with disability;
- Build the knowledge of the financial sector and professional associations – bankers, lawyers, accountants, courts and SMEs on the new Borrowers and Lenders Act and collateral registry and the benefits of movable asset-based lending.
Sub-component – 3: Building Institutional Capacity
Public sector training and technical assistance is vital to improve institutional capacity and build functional capacities of key government ministries, departments, and agencies. Interventions in this sub-component includes:
- Training to build capacity and knowledge of staff in key agencies related to the objectives of the project. This will include specific training for staff in agencies and ministries involved in the implementation of the reforms and new procedures related to business registration and construction permits, to ensure that changes to procedures and associated new ICT systems are understood and disseminated among staff, and especially among G2G and G2B service providers
- Technical assistance to support reviews and drafting of new legislation, regulations, administrative processes, policies, and plans as well as to conduct benchmarking exercises and surveys. This is in addition to the specific reviews already mentioned related to business registration and transfer of property.
- PPD- This seeks to improve dialogue between the public and private sectors on policy issues. It will strengthen private sector organizations so that they can serve as platforms for effective dialogue.