NIB ENGAGES MDAS ON DRAFT AGREEMENT WITH SIERRAAQUA LIMITED

Tuesday, 27th August 2024, 9 Lamina Sankoh Street, Freetown, The National Investment Board (NIB) has convened a meeting with various Ministries, Departments, and Agencies (MDAs) to review the draft agreement between the Government of Sierra Leone and SIERRAAQUA LIMITED.

This agreement outlines SIERRAAQUA’s proposal to establish a large-scale, sustainable, multi-species aquaculture production facility in Bonthe District, specifically within the chiefdoms of Sutta, Gbap-Nongo Babulom, and Dema. The project plans to produce Tilapia, Shrimp, and Algae (Seaweed), focusing on sustainable practices and value addition.

In his opening statement, Dr. Edward Hinga Sandy, Executive Director of NIB, welcomed the attendees and underscored the critical need for sustainable and impactful investments to support Sierra Leone's National Development Plan. He emphasized that, public finance alone could not meet the country's development goals and that private sector investments, such as the proposed SIERRAAQUA project, would be essential for job creation and economic growth. Dr. Sandy also highlighted the importance of value addition, to move the country beyond mere cultivation to processes that enhances economic value of products, citing examples of companies already engaged in such activities.

The Deputy Minister of Agriculture 1, Dr. Theresa Dick, reiterated the significance of the SIERRAAQUA investment, noting its alignment with the government's "Feed Salone" initiative. She pointed out that this project will not only boost food security but also create substantial employment opportunities. He encouraged all participants to thoroughly review the draft agreement and contribute their insights to ensure a balanced and mutually beneficial outcome.

During the session, the team meticulously examined the draft agreement, discussed each clause to fully understand the company's intentions and the necessary provisions for a successful partnership. The goal was to craft an agreement that would benefit both the Government of Sierra Leone and SIERRAAQUA LIMITED.

The meeting concluded with significant progress made on most aspects of the agreement, while some sections were referred for further deliberation to ensure a comprehensive and effective partnership framework.