In a significant stride for Sierra Leone’s development, the Minister of Finance, Sheku Fantamadi Bangura, and the Chief Executive Officer of the Millennium Challenge Corporation (MCC), Alice Albright, have signed a preliminary agreement for a $480 million Compact Program. This historic deal, which focuses on revitalizing the nation’s electricity sector, signals a major boost for the country’s infrastructure and economic growth.
The formal signing of the agreement will take place later today, with President Julius Maada Bio set to finalize the deal. This Compact is part of a larger effort by the U.S. government to invest in Sierra Leone’s development through targeted funding that addresses key areas of need. The electricity sector, identified as a critical bottleneck to the country’s growth, stands to benefit greatly from this financial injection.
A dedicated management agency will be established to oversee the effective implementation and administration of these funds. The goal is to ensure transparency and accountability, providing much-needed improvements in electricity access and reliability across the country. This Compact is expected to support the construction of infrastructure, improve electricity distribution, and foster a more sustainable energy framework.
This agreement marks a continuation of the strong partnership between Sierra Leone and the U.S., with the MCC previously supporting initiatives aimed at improving water access and governance reforms in the country.
As President Bio prepares to finalize the Compact later this afternoon, the nation looks forward to the transformative impact this grant will bring. The infusion of funds and the focus on the electricity sector is seen as a crucial step towards achieving the government’s broader goals of economic recovery, job creation, and poverty reduction.
This is a monumental achievement for Sierra Leone, setting the stage for substantial progress in the years to come.
Sierra Leone is moving forward!
