SLEDP’s Transformative Impact on Local SMEs and Economic Growth
Over the past three years, the Government of Sierra Leone and the World Bank have made significant strides in supporting entrepreneurship growth through the Sierra Leone Economic Diversification Project (SLEDP). On Wednesday, May 29, 2024, they hosted a historic Small and Medium-sized Enterprise (SME) Exhibition Day at the Family Kingdom Resort in Aberdeen, Freetown. This event highlighted the impact of the Technical Assistance and Matching Grant scheme implemented by SLEDP, which supports Sierra Leonean businesses across five key growth sectors: Tourism, Digital Innovation, Light Manufacturing, Agriculture, and the Circular Economy.
The exhibition featured emerging Business Development Service (BDS) Providers and Tertiary Institutions that have benefited from SLEDP’s direct support to the entrepreneurship ecosystem. The Family Kingdom Resort’s entertainment gallery was filled with an array of products and services from over 50 SMEs. Businesses such as Shea & More Natural Beauty Products, UNIMAX, Mimanu Couture, Crafty Bee Fashion World, Auto Smart Pay Irrigation and Energy, Evergreen Women Agribusiness, VSL Travel, and Eminence Africa Holding Company showcased their growth and customer traction, a testament to the SLEDP business support program.
The opening ceremony was attended by representatives from the Ministries of Finance, Tourism and Cultural Affairs, and Trade, the World Bank Group, the Small and Medium Enterprise Development Agency (SMEDA), the National Tourist Board (NTB), the National Investment Board (NIB), the Directorate of Science, Technology and Innovation (DSTI) and Limkokwing University of Creative Technology. The keynote speaker, Hon. Nabeela Tunis, Minister of Tourism and Cultural Affairs, affirmed her ministry’s commitment to the project and stated, “The growth of our SMEs is pivotal for the sustainable development of Sierra Leone. Through initiatives like SLEDP, we are unlocking the potential of our local entrepreneurs and promoting diverse economic opportunities. The vibrant businesses showcased today reflect the bright future we envision for our nation.”
Hon. Nabeela Tunis, delivering the keynote address
Along side the SLEDP Coordinator, Mary Jalloh, Hon. Nabeela Tunis Engaging Entrepreneurs
Mehnaz Safavian, World Bank Representative, noted that “The World Bank is proud to partner with the Government of Sierra Leone in the Economic Diversification Project. The success of the SMEs showcased today demonstrates the impactful change that strategic support and investment can bring. We remain dedicated to supporting Sierra Leone in its journey towards economic resilience and inclusive growth.”
Mehnaz Safavian, World Bank Representative
SLEDP Coordinator Mary Jalloh presented the project’s groundbreaking achievements since its inception in 2020 and stated “Our mission with SLEDP has always been to create an enabling environment for Sierra Leonean SMEs to thrive. The progress we’ve seen over the past three years is a testament to the resilience and innovation of our entrepreneurs. We are committed to continuing this journey, fostering growth and sustainability in every sector we touch.”
Mary Jalloh, Coordinator of SLEDP, presenting a summary of the overall progress of SLEDP
This was followed by an interactive session that staged representatives of key business enabling institutions who threw insights into some of the glaring challenges inherent in the entrepreneurship ecosystem, and the cutting-edge solutions that will improve competitiveness and sustainability of investments in Sierra Leone. A documentary featuring success stories of various businesses was was shown to the audience.
The Panel discussing the entrepreneurship ecosystem
The event reached its climax with the presentation of a plaque, featuring chimpanzees (portraying Sierra Leone’s wildlife tourism), to Moses Kibirige, the SLEDP Task Team Leader, in recognition of his unwavering support to the project. The exhibition continued throughout the day, with various local products and services available for purchase.
On behalf of SLEDP, Mary Jalloh presenting a charcoal painting to Moses Kibirige, Task Team Leader of SLEDP
SLEDP is a five-year, $40 million World Bank-funded initiative implemented by the Government of Sierra Leone through the Ministry of Finance. It aims to stimulate the Sierra Leonean economy by increasing investment and growth of SMEs in non-mining productive sectors. The introduction of the Technical Assistance and Matching Grants facility under Sub-component 2.2 of the project has been a significant step towards improving SME capacity and access to finance for business development and scaling up. Over the past three years, two cohorts of the program have been implemented, benefiting 120 businesses, with more than half being women-owned. These businesses received technical capacity building in business model development and investment readiness, as well as matching grant financing.
