Sierra Leone is part of a mammoth plan of benefitting from a 25 billion USD gas pipeline that will travel from Nigeria to Morocco with a further extension to Spain.
Architects are saying that the pipeline will stretch a massive 4,350 miles passing through 11 countries along the Atlantic coast from Nigeria. These countries include Benin, Togo, Ghana, Ivory Coast, Liberia, Sierra Leone, Guinea, Guinea-Bissau, Gambia, Senegal and Morocco.
They estimated that the construction work could take years before completion with a capacity of 10 cubic metres each year.
Nigeria, which has the 9th largest proven gas reserve in the world is looking to reach the European markets with ease.
This project, if brought to fruition, could create jobs for the local Sierra Leonean population and experience for engineers in the country as they also intend to start explorations for oil off the Pujehun coast in the next couple of years.
Sierra Leone is part of a mammoth plan of benefitting from a 25 billion USD gas pipeline that will travel from Nigeria to Morocco with a further extension to Spain.
Architects are saying that the pipeline will stretch a massive 4,350 miles passing through 11 countries along the Atlantic coast from Nigeria. These countries include Benin, Togo, Ghana, Ivory Coast, Liberia, Sierra Leone, Guinea, Guinea-Bissau, Gambia, Senegal and Morocco.
They estimated that the construction work could take years before completion with a capacity of 10 cubic metres each year.
Nigeria, which has the 9th largest proven gas reserve in the world is looking to reach the European markets with ease.
This project, if brought to fruition, could create jobs for the local Sierra Leonean population and experience for engineers in the country as they also intend to start explorations for oil off the Pujehun coast in the next couple of years.
Young entrepreneurs, and female-led firms in Sierra Leone, Burkina Faso, Guinea, and Gambia have been announced as the prospective beneficiaries of a US$50 million loan guarantee by the African Guarantee Fund (AGF) to Vista Group Holding.
Under the terms of the agreement, AGF will offer a guarantee of $50 million to Vista Group Holding, enabling Vista to extend loans to SMEs in the four West African countries where it operates. The primary targets for these loans include businesses in the green economy, young entrepreneurs, and SMEs led by women.
Yao Kouassi, Managing Director of Vista Group Holding, expressed the significance of the partnership with AGF in their mission to empower SMEs and contribute to financial inclusion across West Africa. He emphasized that this facility would expand their reach and provide crucial financial support to businesses driving economic development in the region.
Particularly noteworthy is the commitment to supporting SMEs founded and led by women, with 20% of the total guaranteed amount allocated to them. The Afawa program will also provide technical assistance to these women-led SMEs, enhancing their access to financing.
Through the risk-sharing mechanism facilitated by AGF, Vista Group can strengthen the financial stability of its four African subsidiaries by mitigating risks associated with SMEs in its loan portfolio. This collaboration aims to unlock the immense potential of SMEs in the region and drive inclusive economic growth through increased access to financing.
Jules Ngankam, Group Chief Executive Officer of AGF, expressed excitement about partnering with Vista Group, a leading player in the West African banking landscape. The collaboration combines expertise and resources to empower SMEs in the region and foster inclusive economic growth.
In a strategic move to showcase Its ongoing progress on the construction of their industrial Zone, Arise Integrated Industrial Platforms [ARISE IIP] has conducted a special visitation tour with Journalists, Community stakeholders to monitor construction work on Friday 20th October, 2023 at Koya.
The ongoing construction work is part of the project, which was launched by His Excellency President Julius Maada Bio on 26th April 2023, marking as a pivotal moment for the foundation of the Special Koya Industrial Zone (SIZ-Koya) in Koya Chiefdom, Port Loko District
Speaking on the rationale behind ongoing Project, Ambassdor Anthony Navo thanked the government and the Koya community stakeholders for being very supportive to make the project success. He revealed that this is the first media tour at the Koya Sierra Leone Industrial zone since his Excellency President Julius Maada Bio launched the Project some months adding that the work commenced on the 1ST of September with a 24 months Plan to complete the first phase of the Project.
“In the first Phase we are going to build the first set of factories with 15O hectares land space. This factory will also have to transport local produce across the country because ARISE also support farmers across Sierra Leone because we are doing a 500 megaton rice mill here. If farmers are planting rice, they will be give seed money, fertilizers and after harvesting they sell to ARISE. That is why we are praying for us to get the transportation train to bring these various produce inside the zone because it’s a twin project. You went to Gabon and see how train went to up country pick produce and come to the zone and it is the same format. For the entire Project in Phase one we target to employ 34,000 workers before we go to phase 2 and 3,” Navo stated.
He further revealed that the estimated worth of the first Phase project is 410 million dollars and they are also planning to build a 200megwatts powers to generate electricity for the Industrial zone sell some to the government. He affirmed that if all things being equal the first phase is expected to be completed in 24 months.
Appreciating the groundbreaking investment, Paramount Chief Bai Kompa Bomboli 111 of Koya Chiefdom Port Loko started by thanking the almighty God and the various institutions for witnessing the historic development. He recalled that when the President commissioned the Project he spoke with them and encouraged the entire people of Koya Chiefdom to embrace the Project. He confirmed that when the initiative was brought to him about the construction of ARISE industrial Zone he was a bit worried. However, considering the fact that Koya has 19 or Area or rural Chiefdoms, a boundary with Moyamba District, Western Area rural and Urban and he is unable to create Jobs for them adding that he believes this investment will change the narrative. He thanked the ARISE Investors and President Bio for being very kind to his community.
He urged Journalists to do proper investigative Journalism and report fairly. He recalled that at first people were attributing the launching of the project as a political stunt but now politics is over and the Project is ongoing. He emphasized that if the Industrial Zone is created thousands of youths will benefits the youths Sierra Leone devoid of background or region. He affirmed that the Jobs that ARISE will be providing will help to reduce unemployment and crime rates in the country. He encouraged Journalist to reach out to them if they have any doubts or want to make clarifications.
The Construction Manager Santosh Goham pointed out that ARISE believes that the investment in Sierra Leone will to create a sustainable economic development for the country and their operational areas. He confirms that they have already started to construct a boundary wall which covers 150 Hectares of land. He assured that they will achieve the construction of International Ideal Production standards which include roads, water, electricity supply system, storage, warehouse facilities and Logistics adding they will make provision for the Inland Container Port in collaboration with the Port authorities. He emphasized that in the first phase their commitment will cover the Manufacturing of Rice Mill, Pharmaceuticals, Tiles, Recycling, Paints, amongst others small and large scale Manufacturing. He confirmed that they are also working simultaneously with their International Partner for the creation of Power to provide sustainable electricity for effective production in the Industrial Zone.
ARISE Integrated Industrial Platforms (ARISE IIP) is also expecting the arrival of Passenger Railcars in the country. This initiative is part of a broader strategy to revamp the mining sector, offering improved access to rail and port facilities and stimulating economic activities.
