Sierra Leone - Union Trust Bank Limited (Africa SME Program)

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.