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FTInsight April/May 2016

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In Digest The British High Commission in collaboration with the Public Private Partnership (PPP) Unit ran a two-day PPP workshop for policy makers, legal practitioners, procurement specialists, and key actors within the private and public sectors at the Sierra Light House Hotel in Aberdeen, Freetown. Sierra Rutile announced that it has extended the maturity dates on its existing US million working capital facility and US million standby loan facility with Nedbank Limited, acting through its London Branch, for a further 14 months until 30 May 2017. On 25th February, Developing Markets Associates welcomed the Government of Sierra Leone to London, for the UK/Sierra Leone Trade & Investment Forum. Organised by DMA in partnership with SLIEPA, and led by Hon Samura Kamara, Minister of Foreign Affairs and Cooperation, the forum provided in-depth knowledge of Sierra Leone to potential investors. Sierra Leone commenced work on a 6 MW PV park backed by IRENA. The PV project in Sierra Leone has received part funding of million from the Abu Dhabi Fund for Development (ADFD), which has partnered with International Renewable Energy Agency (IRENA) to support clean power generation in Africa. International competitive football returns to Sierra Leone for the f irst time since 2014, with an AFCON qualif ier against Gabon on 28 March, which Sierra Leone won 1-0. Citigate Commodities Trading Limited announced the acquisition of a kimberlite diamond concession in Sierra Leone. Located adjacent to one of the country’s largest diamond reserves, Citigate’s extraction and mineral rights are spread over an area of 79 square kilometres to explore diamonds. President Koroma launched the Small and Medium Enterprise Development Association to provide credit facilities to micro, small and medium enterprises. The Sierra Leone Chamber of Commerce, Industry and Agriculture holds its annual trade fair at the Siaka Stevens Stadium, attracting businesses from Nigeria, Ghana, Benin, Senegal, Liberia and Guinea. FT Insight 25 Sierra Leone’s President Ernest Bai Koroma announced a major cabinet reshuff le involving a total of 40 appointments to ministerial and ambassadorial positions. International power project developer Joule Africa has bought out its co-developer, Endeavor Energy, giving it 100 per cent ownership of the Bumbuna II HPP. Bumbuna II is the 202MW expansion of the 50MW Bumbuna HPP commissioned in 2009 by H.E. Dr Ernest Bai Koroma, President of Sierra Leone. The project has been in development since 2011. Stellar Diamonds will be focusing on moving the Tongo project in Sierra Leone into funding and development this year. www.ftinsight.net

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