The All People’s Congress (APC) led Government of Sierra Leone has secured the biggest grants-in-aid loan ever given to Africa by the Government and People of the Republic of Korea. This was according to the Ambassador to the Republic of Korea in Abuja, Nigeria, His Excellency Mr. Choi Jong-hyun who was speaking at the official signing ceremony for the grants-in-aid loan agreement between Sierra Leone and the Republic of Korea on Tuesday 8th October 2013 in the Conference Room of the Ministry of Foreign Affairs and International Cooperation. Ambassador Jong-hyun expressed delight to be part of the signing agreement and also to be in Sierra Leone to approve the loan. He said the loan will be the biggest loan agreements that his government has ever signed in Africa, adding that the loan is to show how committed the Korean government is to strengthen diplomatic and technical relationship with Sierra Leone. It was disclosed that the loan goes towards the construction of a City Hall and Complex. The Ambassador said when completed, the City Hall and complex will boast of State-of-the-Art facilities and will serve as a hub for tourist attraction. He said the complex will deliver lots of public services and facilities to the government and people of this country, adding that once it commences, the entire project will take a period of 3years to complete. The Korean Ambassador used the forum to heap praises on His Excellency President Dr. Ernest Bai Koroma for what he described as his “well-focused and tremendous” leadership in Sierra Leone. He said the people and government of Korea are very pleased with the rapid development taking place in Sierra Leone under the rule of the APC led government. He expressed hope that the money would be used for its intended purposes. Signing on behalf of the Government and People of Sierra Leone, Minister of Foreign Affairs and International Cooperation, Mr. Samura M.W. Kamara said over the years, his government has been trying to develop a strong diplomatic and technical cooperation and relationship between the Republic of Korea and Sierra Leone. He said as a government, they were also trying to build a relationship beyond just receiving highly concessional loans but to further strengthen a very cordial diplomatic relationship with the Government and People of Korea. Minister Kamara went on that this is a framework financial loan that is being signed in conformity with Vienna Convention, which is why it was being signed by the Ministry of Foreign Affairs. He said the full version of the loan agreement would be signed by the Ministry of Finance and Economic Development and the Eximbank in South Korea. The Foreign Affairs Minister revealed that the total amount in the loan is about 55million United States dollars, which according to him is one of the best concessional loans Sierra Leone has ever obtained. He said it covered a period of 40 years plus 15 years of grace period. Minister Samura Kamara said the interest rate in the loan is 0.01%. He said the loan is meant to construct a modern City Hall and Complex for Freetown and that the proposed model building he saw when he was Minister of Finance, when completed will be the best and most beautiful building in Sierra Leone if not West Africa. The minister went on that the loan fulfills one part of the technical cooperation that is already being implemented between the two governments. Also welcoming the Ambassador and his team to Sierra Leone, the Mayor for the Freetown City Council, His Worship Baba Franklyn Bode Gibson expressed excitement over the realization of the project within his term of office as head of the FCC. He assured the Government and People of Korea that the money will be used judiciously and for the intended purpose. One of the major players in the facilitation and realization of the loan between Sierra Leone and Korea, Lawyer Omrie Golley and other senior staff of the Ministries of Finance and Foreign Affairs also witnessed the signing ceremony.
Posted on: Wed, 09 Oct 2013 19:09:08 +0000
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