Sierra Leone Secures €690 Million EU Budget Support to Boost Resilience and Development

The Government of Sierra Leone proudly announces that on Thursday, 29th August 2024, the Ministry of Finance signed a €690 million "Nature Nourishes" State and Resilience Building Contract with the European Union. 

This contract, which includes €65 million in direct budget support, is a part of the EU's Global Gateway strategy aimed at bolstering Sierra Leone's resilience against both internal and external shocks. 

The initiative also emphasizes environmental protection and improved educational outcomes, aligning with the nation's broader National Development Plan.

A key aspect of this agreement is the €665 million budget support, which will be directly funneled into the Consolidated Fund. This financial support, which includes both fixed and variable tranches, will aid in the execution of the national budget over the next four years, from 2024 to 2027.

During the signing ceremony, Deputy Minister 1, Mrs. Kadiatu Allie, representing the Minister of Finance, conveyed the government's deep gratitude to the European Union for this substantial budget support. 

She highlighted the critical importance of this funding in maintaining economic and social stability in Sierra Leone, particularly in light of the global economic challenges. 

Mrs. Allie also pointed out that the targeted areas under this financing agreement are closely aligned with the government’s "Big Five Game Changers" as outlined in the National Development Plan for 2024-2030.

Ambassador Manuel Muller, who signed the agreement on behalf of the European Union, reaffirmed the EU's commitment to supporting Sierra Leone's journey toward inclusive and sustainable growth. He emphasized the significance of this direct budget support as a reflection of the EU's confidence in the government's ongoing reforms.

This substantial financial commitment from the EU not only strengthens Sierra Leone’s budgetary framework but also signals strong international confidence in the country’s development agenda. 

The Government of Sierra Leone remains dedicated to fulfilling the indicators outlined in the agreement and prioritizes fostering robust relationships with the European Union and other development partners.