Freetown (ILO News) The International Labour Organization (ILO) and the Government of Sierra Leone (GoSL), represented by the Ministry of Trade and Industry, the Ministry of Finance and Economic Development and the Bank of Sierra Leone signed a Memorandum of Understanding (MoU) on Wednesday 25 May 2017 in Freetown, Sierra Leone, aimed at strengthening of the MSME sector in the country.
The MoU is the result of joint efforts by the ILO and GoSL following the recommendations from an ILO’s scoping mission in May 2016 and the work done by the committee on MSMEs set by GoSL. This MoU officialises the partnership between ILO and GoSL on private sector development and on creating a conducive operating environment for MSMEs.
It is expected that activities to be developed as part of this agreement contribute to address main challenges faced by MSMEs and provide them with:
More favourable regulatory and institutional support, including transitions from informality to formality and better access to infrastructures;
High-quality non-financial services promoting growth, productivity and value addition of locally produced products and services; as well as
A greater access to suitable, diversified and responsible financial products and services.
The ILO will also support the operationalization of the Small and Medium Enterprise Development Agency (SMEDA) created by the GoSL as a coordination body to provide leadership and oversight for the development of the MSME sector. The SMEDA aims to provide guidance and ensure coordination and synergies amongst actors in the sector.
The signing of this MoU is a testimony of the longstanding partnership between the ILO and GoSL and their common commitment to supporting people-centred, sustainable economic development, providing decent and productive employment and building long-lasting social justice.
