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Tuesday, June 2, 2020

$30M Boost for Turmabum Rice Project

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The Tormabum Rice Project has received another big boosts as Members of Parliament have ratified the sum of Thirty Million United States Dollars loan agreement between the Government of Sierra Leone and the Indian EXIM Bank.

The loan agreement is another step for the development and the implementation of land and infrastructure project for Tormabum and Gbondapi.

Presenting the loan agreement in the Well of Parliament, Deputy Minister of Finance, Dr. Patrica Lavalie, said she signed the agreement last October, 2019 on behalf of the country.

Dr. Lavalie underscore the significance of the project as it will finance land infrastructure Development in the country including hydratic water management system, irrigation and provision of tractors for agriculture purposes in the country.

She noted that the overall goal of the project is to achieve rice self-sufficiency, reduce rice importation by twenty percent annually and reduce poverty among those engage in the rice value chain.

She noted that the project will be improving irrigation system for 110 acres of riverine grass land in Tormabum and Gbondapi area, linking over 150,000 smallholder farmers with large scale private sector rice production, improve rice output per unit area for at least 5tons/acres from the Tormabum and Gbondapi rice fields.

She highlighted the various components including land and infrastructure development, production support, processing, storage and marketing and capacity building and management of the project.
She said the duration of the loan is 25 years including a grace period of 5 years commencing on the date of signing the agreement.

Before ratifying the loan, Members of Parliament commended the Ministry of Finance for taking up such a venture that aims to fight poverty in the country.

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