Sierra Leone - US$ 3 million Line of Credit to Union Trust Bank (UTB)


Project Summary

Approval Date 26 Sep 2017
Signature Date 24 May 2018
Sovereign / Non-Sovereign Non Sovereign
Sector Finance
DAC Sector Code 24030
Commitment U.A 2,160,994.06
Status Implementation

Project General Description

The present intervention concerns the US$ 3 million Line of Credit to Union Trust Bank (UTB). It’s designed to finance projects and enterprises in transformational sectors. This facility also entails the provision of Technical Assistance support of US$ 320,000 and an additional US$ 300,000 from the Transition Support Facility to subsidize the cost of a synthetic swap associated with conversion of the proceeds of the facility into local currency. It’s also expected to deliver strong development outcomes by enhancing access to finance to SMEs, indigenous firms and women-owned enterprises in Sierra Leone as the country seeks to rebuild following the widespread damage. The project will enhance private sector development, by demonstrating the viability of investing in growth oriented SMEs.

Project Objectives

The Line of Credit aims to help finance projects and enterprises in transformational sectors such as agriculture, energy, manufacturing and services, with strong emphasis on women-owned businesses.

Beneficiaries

The main beneficiaries of the project are: SMEs, enterprises in transformational sectors, indigenous firms and women.

Participating Organization

Funding
African Development Bank

Information

IATI identifier 46002-P-SL-HAB-002
Last Update 07 Oct 2019

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Contact Details

Email private-sector@afdb.org

Geographic Location

Country Sierra Leone