Private and Financial Sector Development Project

What is the project about?


TRAINING Workshop on Public-Private Partnerships FOR GOVERNMENT OFFICIALS IN FREETOWN (UNDP/C. THOMAS)

The Private and Financial Sector Development Project supports Sierra Leone’s efforts to improve the country's investment climate, generate more foreign and local investment and build Government capacity to enter into sustainable and beneficial Public-Private Partnerships. In order to meet critical challenges to sustainable development in Sierra Leone, this assistance aims to:

  • Expand income opportunities for the poor
  • Meet infrastructure needs
  • Increase Government revenue mobilisation levels
  • Promote market based Public-Private Partnership solutions to help address pressing challenges to development, including youth unemployment, environmental protection and Local Economic Development.

The project also includes the support for Inclusive Financial Services Development within the context of the Financial Sector Development Plan (FSDP) 2009. Through UNDP and UNCDF funding, two key results are expected - 1) To strengthen the capacity of the Bank of Sierra Leone to supervise and support financial inclusion and access to financial services  in Sierra Leone and 2) To support the operationalization of Youth Employment and Empowerment Program’s Business Development Centers

Accomplishments so far

The Project has provided substantial support to Private Sector Development in Sierra Leone:

  • The Government was assisted to review and build stakeholder consensus around the draft Public-Private Partnerships Act of Sierra Leone. Following successful stakeholder consultations exercises, the Act was passed into the legislative pipeline and is awaiting submission to the Parliament.
  • The Private Sector Development Advisor to the President has been extensively supported by the Project. His activities contributed to Sierra Leone's World Bank Doing Business ranking improving by nine places, from 150 in 2011 to 141 in 2012, out of 183 economies surveyed.
  • UNDP organised and facilitated a two-day in-depth awareness raising training, attended by over 50 top-level Government officials, on Public-Private Partnerships. It resulted in widespread support for the creation of a Public-Private Partnerships Unit in the Office of the President to play a key role in ensuring that the Government attracts and benefits from private investment projects. As a result, the Government has committed to the formation of such a Unit and allocated financial resources for a large portion of its operations. UNDP also supported the Unit’s establishment and has provided technical advice in strategy development and staff recruitment.
  • On-going technical assistance is being provided to the Government in negotiating several major Public-Private Partnerships, particularly in the area of improving access to energy for the population. These activities are expected to strengthen the ability of Government officials in negotiating and concluding major Partnerships to reduce poverty, create employment opportunities and increase Government revenue mobilisation.

Who finances it?



Year Donor
Amount Contributed
2011 UNDP US$ 280,000
2012 UNDP US$ 295,000
2013 UNDP US$ 532,360
     
     

Delivery in previous fiscal years

Year Total Delivery
2011 US$ 280,000
2012 US$ 295,000
2013 US $ 516,373
Project Overview
Status:
Active
Project start date:
January 1 2011
Project end date:
December 31 2014
Geographic coverage:
National
UN Transitional Joint Vision Programme Cluster
Cluster 7: Economic Development and Employment
MDGs:
1, 3 and 8
Focal point: Moses Sichei
moses.sichei@undp.org>
Senior Economist
Partner:
Public-Private Partnerships Unit (Office of the President). Bank of Sierra Leone
Donor:
UNDP
Budget for Inclusive Financial Services (2014):
$468, 552
Budget for PPP (2014)
$ 519, 943