By Kandeh Sesay
Freetown, June 11, 2024 — The U.S. Government, through the U.S. Agency for International Development (USAID), has announced a new partnership with Pangea Global Ventures. The initiative, named “Catalyzing Investment for Small Businesses” (CISB), aims to prepare Sierra Leonean small and medium enterprises (SMEs) for private investment and pair them with international impact investors to unlock affordable access to finance. The partnership will leverage $2.5 million in private investment.
During the announcement, United States Ambassador to Sierra Leone Bryan Hunt emphasized the significance of the CISB initiative. He highlighted that this project, funded by the U.S. Government through USAID in partnership with Pangea Global Ventures, is crucial for the development of Sierra Leone’s economy.
“Sierra Leone’s small and medium agricultural enterprises are the backbone of the nation’s economy and its leading employers. They drive innovation and provide livelihoods for millions,” Ambassador Hunt stated. “However, they face substantial barriers to growth, particularly in accessing necessary finance and technical support.”
The CISB initiative aims to address these challenges directly by identifying high-performing SMEs in agriculture and connecting them with international impact investors. “We will pave the way for sustainable economic growth,” Ambassador Hunt added. “This initiative will not only help these businesses thrive but will also showcase the potential Sierra Leone holds for international investors.”
Ambassador Hunt also noted that this project is about more than just financial investment; it’s about building a robust local entrepreneurial ecosystem in agriculture. “By empowering agricultural businesses to innovate, create jobs, and contribute to the overall development of Sierra Leone, we align closely with the Government of Sierra Leone’s Feed Salone strategy,” he explained. This strategy is part of the broader Medium-Term National Development Plan for 2024-2030 and focuses on decreasing food imports, boosting agricultural productivity, creating employment for women and youth, and building resilient food systems.
Emma Fofanah, Project Director of the CISB initiative, explained that the initiative seeks to mobilize resources and create an environment that supports private sector growth. “Through collaborations among financial institutions, government agencies, and agricultural businesses, we hope to increase financing accessibility and promote the adoption of modern technologies,” she said. The initiative aims to empower small businesses to grow their capacities and share knowledge through mentorship and training programs, ultimately helping business owners make better decisions and manage their organizations more successfully.
Minister of Agriculture and Food Security, Dr. Henry Musa Kpaka, applauded USAID and its partners for the initiative. He thanked the U.S. Government for its support of Sierra Leone’s agricultural sector, noting that this initiative aligns perfectly with the Feed Salone project, a flagship initiative of the government.
The CISB initiative represents a significant step toward achieving Sierra Leone’s objectives for food security and reinforcing the private sector’s role in the nation’s development.
