[{"bbox": [96, 152, 1135, 283], "category": "Text", "text": "to create linkages with local financial services providers¹¹ and Development Financial Institutions. It is required to tailor a realistic, relevant and practical support to MSMEs in order to make them ready for potential investors, or business expansion. On the other hand, it is also required to provide Technical Assistance to local Financial Services Providers for refinement of their existing financial services or creating new ones in order to better meet the needs of the local MSMEs."}, {"bbox": [96, 312, 1135, 524], "category": "Text", "text": "Thirdly, Sierra Leone has limited access to markets due to poor quality infrastructure and system, lack of compliance with international trade standards and limited engagement with potential international investors. In order to increase access to regional and international markets, Sierra Leone needs to improve its quality infrastructure system and support MSMEs in value chains where the country has a comparative advantage, such as cocoa, cassava, coffee, palm oil, pineapple or mango. Availability of local accredited conformity assessment providers and technical expertise can also support Sierra Leone's integration at AfCFTA, WTO and international trade agreements. Achieving a higher level of compliance with technical, social and environmental regulations and product-related directives will significantly contribute to the country's trade competitiveness."}, {"bbox": [96, 551, 1135, 654], "category": "Text", "text": "Finally, Sierra Leone has a poor business environment marked by a weak legal and regulatory framework and the poor implementation of existing policies. During the 2021 and 2022 EU-Sierra Leone Political Dialogues, doing business was discussed. EU companies face numerous challenges to operate in the country. The most important ones are:"}, {"bbox": [135, 659, 490, 684], "category": "List-item", "text": "* tax system coherence and fairness;"}, {"bbox": [135, 687, 753, 713], "category": "List-item", "text": "* lack of skills and appropriated training for the local work force;"}, {"bbox": [135, 716, 811, 741], "category": "List-item", "text": "* monetary stability and access to Foreign Exchange Market (FOREX);"}, {"bbox": [135, 744, 580, 770], "category": "List-item", "text": "* rule of law, legal security and legal stability;"}, {"bbox": [135, 772, 699, 798], "category": "List-item", "text": "* introduction of unjustified charges by national regulators."}, {"bbox": [96, 823, 1135, 1089], "category": "Text", "text": "Therefore, the proposed action also aims to contribute to the creation of predictable business environment and level playing field for all companies. It is also important to further strengthen the dialogue between EU companies and national authorities, to ensure the respect of investment agreements and contracts and to have transparent rules, procedures as well as business related taxes and charges in conformity with international best practices and agreements. Moreover, it is key to advance on business reforms that will improve the functioning and sustainability of markets, reduce risks associated with starting, investing in, operating and closing a business. As a post-conflict country, Sierra Leonean institutions are relatively young. For example, Sierra Leone Local Content Agency (SLLCA) has been operational since 2016 and Small and Medium Enterprises Development Agency (SMEDA) since 2016. In addition, the National Investment Board (NIB) was officially established in 2022. They need to be adequately capacitated in order to fulfil their mandates."}, {"bbox": [96, 1115, 1135, 1249], "category": "Text", "text": "This programme aims to benefit directly **local MSMEs, agricultural cooperatives, entrepreneurs, start-ups incubators/accelerators/innovation hubs** across the country. It will target **in particular young and women entrepreneurs with limited access to finance, including preference for green and circular business models.**\nThe programme will also increase trade and FDI with the EU, foster collaboration between EU companies in Sierra Leone and policy dialogue with national authorities."}, {"bbox": [96, 1274, 1135, 1328], "category": "Text", "text": "MSMEs would be supported to scale-up their activities by provision of tailored made Business Development Services and capital (grant-matching schemes and access to public lending facilities such as MUNAFA fund¹²)."}, {"bbox": [96, 1353, 977, 1381], "category": "Text", "text": "The National Authorities which would be involved in the implementation of the programme are:"}, {"bbox": [172, 1405, 1135, 1460], "category": "List-item", "text": "✓ **Ministry of Trade and Industries (MTI):** it has the mandate over competition and trade policies.\nUnder the ministry are SMEDA, SLSB, PMB and SLLCA."}, {"bbox": [86, 1536, 1144, 1579], "category": "Footnote", "text": "¹¹ local financial services providers include microfinance institutions, commercial banks, community banks as well as Financial Services Associations"}, {"bbox": [86, 1579, 1144, 1647], "category": "Footnote", "text": "¹² The MUNAFA Fund is a public fund managed by SMEDA and implemented in partnership with Financial Service Providers (microfinance institutions and commercial banks). The fund committed 100 billion Leones (around EUR 7 million) of which 30 billion were allocated in 2021 to 5,600 MSMEs beneficiary in partnership with 10 financial service providers."}, {"bbox": [1028, 1679, 1144, 1706], "category": "Page-footer", "text": "Page 6 of 24"}]