Press Release

Sierra Leone obtains US$6 million loan from OPEC Fund for road construction project

49/2005 April 21, 2005, Vienna, Austria

The OPEC Fund for International Development today signed a US$6 million loan agreement with the Republic of Sierra Leone to help finance construction of a bypass road in the capital, Freetown. Once completed, the population will benefit from cheaper, safer and easier travel.

Roads are the dominant form of transport in Sierra Leone, accounting for more than 80% of domestic traffic flows. The majority, however, are in poor condition which makes travel slow and expensive and places considerable hardship on low-income populations. The situation is particularly acute in Freetown, especially in the central business district, where inefficient traffic management and deteriorated roads cause constant congestion. The absence of a ring road exacerbates the problem, forcing heavy volumes of through-traffic into the bottleneck.

In order to alleviate the situation, an east-west bypass will be built to divert traffic from the city center. The new, four-lane, 3.7 km-long road will be paved and provided with culverts and drainage works to curb flooding during the rainy season. Safety measures, such as fencing, guard rails, traffic signs and pavement markings, will also be included. It is estimated that as many as 17,500 vehicles will use the bypass daily, which will bring numerous benefits for those attempting to access marketplaces and jobs in Freetown, and reduce travel time considerably.

The OPEC Fund has previously approved nine loans to Sierra Leone. Three of these provided balance of payments support; one financed a commodity imports program; and five others supported projects in the energy and transportation sectors.

Today’s agreement was signed in Vienna by the Honorable Mr. Joseph B. Dauda, Minister of Finance of the Republic of Sierra Leone, and by H.E. Mr. Jamal Nasser Lootah, Chairman of the Governing Board of the OPEC Fund.

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