Funds will be available for short term loans or overdraft to suppliers who supplies such as rice, flour, cooking oil, sugar, building materials, hygiene and petroleum products, as the epidemic crises left major gap in work places. Therefore, they will use the opportunity to recover their loss.
Standard Chartered will provide overdrafts to help make the deal possible and CDC is responsible for new short-term loans.
'The UK has been at the forefront of the international effort to combat Ebola. As we start to get on top of the disease we must also help rebuild the country’s economy.' said the International Development Secretary Justine Greening.
'Business and private enterprise are crucial to help Sierra Leone recover the rapid growth rates it was experiencing only a year ago. This new agreement will ensure businesses get the finance they need to grow and create more jobs.' 'Sierra Leone can be one of the emerging markets of tomorrow and we all have interest in helping it back to the path of prosperity.'
Diana Noble, Britain’s CDC Chief Executive explains, ' The exceptional circumstances presented by the Ebola crisis require a unique response from the international community – both in terms of humanitarian efforts and economic support.'
She continues:
Standard Chartered is a trusted partner with an excellent network and understanding of the market in Sierra Leone. By working together in a risk-sharing deal we can support the working capital needs of businesses whose survival and growth is vital to the country’s economic health.'
And Standard Chartered’s Diana Layfield said in a statement: 'Mid-sized companies are essential engines of economic growth, so supporting them is key to limiting the economic impact of the Ebola crisis.'
'By joining with an experienced and broad-reaching organisation such as CDC to address their short-term financing needs, we hope to help these businesses to continue to operate, and power Sierra Leone’s economy through these challenging times.'
Development Secretary Justine Greening previously called on the private sector to help Sierra Leone combat Ebola and regain the stellar growth rates it experienced prior to the outbreak.
Image:©european-times
Source: gov uk
