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  • Thursday, 25 July 2024
Sierra Leone Parliament Approves Major Dry Port Agreement with ARISE IIP

Sierra Leone Parliament Approves Major Dry Port Agreement with ARISE IIP

On July 6, 2024, Sierra Leone’s Parliament debated and unanimously ratified the Dry Port Concession Agreement between the Sierra Leone Ports and Harbours Authority and the Government of Sierra Leone. This agreement is a significant part of the broader Industrial Zone Agreement with ARISE Integrated Industrial Platform (ARISE IIP) to develop and operate a Special Economic Zone (SEZ) in Koya, Mile 36.

 

Hon. Fanday Turay, the Minister of Transport and Aviation, emphasized the agreement's focus on substantial investment in the dry port and river port industrial zone in the Port Loko district. He highlighted that the project would unfold in four phases, enhancing regional connectivity, promoting industrial growth, reducing prices, and creating numerous job opportunities, particularly for the youth.

 

The agreement aims to boost the capacity of the Port of Freetown (Queen Elizabeth II Quay), enabling it to accommodate more vessels and enhance its competitiveness in the region. Additionally, ARISE IIP is collaborating with the Sierra Leonean government to construct a 400 to 500 metric ton rice mill in the country. This development is part of ARISE IIP’s broader $120 million investment to develop the Sierra Leone Industrial Zones in Koya.

 

The ratification of this agreement follows the Parliament's 2023 approval of the Koya Industrial Zone establishment, a project poised to catalyze Sierra Leone’s industrialization. The stakeholders expressed optimism about the potential for significant economic growth and improved infrastructure stemming from this initiative.

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