Through the Ministry of Finance, the Government of Sierra Leone has agreed with the Saudi Development Fund to finance the construction of a 50-million-dollar ultra-modern hospital in Lungi.
Thursday, 18th May 2023, the Acting Minister of Finance, Bockarie Kalokoh and Abdulrahman Alharbi of the Saudi Development Fund initiated the loan agreement between the Government of Sierra Leone and the Saudi Fund for Development.
In his brief remarks, Ag. Minister of Finance Bockarie Kalokoh thanked the Saudi Development Fund for their confidence in the government of President Bio even on the eve of elections.
He states that this project is critical to the overall government priority to increase access to good healthcare services as part of the government’s Human Capital Development Programme.
The Sierra Leone Ambassador to the Kingdom of Saudi Arabia, Dr Ibrahim Jalloh, stated that this project is part of the effort of the embassy to foster over the 40-year diplomatic relationship between the two countries within the development cooperation framework.
The mission Lead of the Saudi Fund, Abdulrahman Alharbi, thanked the government of Sierra Leone for their cooperation and hospitality during their stay in Sierra Leone.
He also stated that the loan is concessional, which shows that the government of Saudi Arabia is committed to its bilateral relationship with Sierra Leone.
Financial Secretary Sahr Lahai Jusu informed the meeting that the loan is 50 million dollars with a maturity period of 20 years, five years’ grace period at an interest of 1% with a grant component of 36.1%, above the IMF requirement.
This project will construct and quipped a 150-bed capacity hospital to provide quality health and medical care services with general surgery, operation rooms, emergency wards, paediatrics, inpatient wards, obstetrics and gynaecology, nursery and technical and administrative units, and completed by the end of 2025.
The mission also discussed progress in the Education Sector Support project of $25 million and 100 solar-powered boreholes and the rural development project of $5 million.