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The World Bank today launched the Sierra Leone Country Economic Memorandum (CEM) and the Country Climate and Development Report (CCDR), two core analytical reports that provide essential insights into the country’s economic and climate challenges, offering strategic pathways for sustainable growth and resiliencee.

“These reports provide a comprehensive roadmap for addressing the economic and climate challenges facing Sierra Leone,” said Abdu Muwonge, World Bank Country Manager for Sierra Leone. “While the Country Economic Memorandum highlights the interconnectedness of economic challenges and the need for ambitious reforms, the CCDR underscores the urgency of climate action. The World Bank is committed to supporting Sierra Leone in implementing these strategies to achieve inclusive growth and build resilience.”

The CEM analyzes Sierra Leone’s economic landscape, noting persistent poverty and lower GDP per capita growth compared to similar low-income countries despite the country’s rich resources. Key challenges to growth include macroeconomic instability, driven by lax fiscal and monetary policies, weak institutions, and poor governance, with fiscal deficits often exceeding targets due to spending overruns and weak oversight. High public debt limits private investment, while a small and uncompetitive private sector restricts diversification beyond the mining. Domestic firms face growth challenges due to limited access to credit, electricity, and land, compounded by a skills mismatch in the labor force.

To address these challenges, the report proposes a growth strategy focusing on mining, agriculture, agro-processing, and labor-intensive sectors, including:

• Restoring macroeconomic stability through fiscal consolidation and improved debt management.
• Recalibrating the role of the state by reevaluating state-owned enterprises and investing in climate-resilient infrastructure.
• Enabling the private sector by improving access to infrastructure, credit, and reducing barriers to foreign investment.
• Building human capital by enhancing education quality and aligning skills development with market demands.

“The CEM is a vital tool in understanding the economic challenges facing Sierra Leone. The country has the resources and potential for significant economic growth, and this report provides a roadmap for achieving sustainable development while creating jobs for its expanding work force,” said Smriti Seth, World Bank Senior Economist and a lead author of both reports.

The CCDR examines Sierra Leone’s socio-economic development prospects within the context of climate change, emphasizing impacts on agriculture, infrastructure, and the economy. Sierra Leone ranks among the 15 worst climate-affected economies, with projected temperature increases and erratic rainfall patterns threatening agriculture and infrastructure, potentially causing GDP losses of 9-10% by 2050. Economic impacts include declines in labor and crop productivity, as well as damage to capital stock from increased maintenance costs and flooding. Poverty and inequality are expected to worsen, with nearly 600,000 additional people pushed into poverty by 2050.

To build climate resilience and mitigate the threats, the report suggests three pathways:

• Developing green energy and sustainable cities through resilient infrastructure and renewable energy investments.
• Promoting climate-smart agriculture by enhancing policy frameworks and investing in climate-smart technologies.
• Strengthening social resilience by improving health infrastructure and expanding social protection systems.

Implementing these climate actions requires significant financial resources, with funding needed from domestic taxes, green private sector investments, and international support.

“The CCDR complements the CEM by showing that climate change is not only a threat to Sierra Leone’s development goals but also a powerful lens for identifying opportunities to build a more resilient and sustainable future by aligning growth strategies with climate priorities to safeguard long-term progress,” added Sabrina Haque, World Bank Environmental Specialist and a lead author of the CCDR.

Distributed by APO Group on behalf of The World Bank Group.

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Shri Sandeep Sood (YOA:2009), presently Director in the Ministry, has been appointed as the next Ambassador of India to the Republic of Guinea.

2. He is expected to take up the assignment shortly.

Distributed by APO Group on behalf of Ministry of External Affairs – Government of India.

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South Africa expresses deep concern regarding the escalation of hostilities between the State of Israel and Islamic Republic of Iran. We extend our deepest condolences to the peoples of both nations suffering from the tragic loss of life.

South Africa emphasises that under international humanitarian law, civilians and civilian infrastructure must never be considered legitimate targets.

We reiterate our urgent call for de-escalation, restraint, and full compliance with international law by all parties to prevent further human suffering.

Distributed by APO Group on behalf of Republic of South Africa: Department of International Relations and Cooperation.

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South Africa wishes to urge all its citizens currently in the Islamic Republic of Iran to contact the Embassy in Tehran to ensure that they are registered with and that their whereabouts are known to the Embassy.

It is important to note that South Africa’s support in the country is limited and that it could be assumed that no face-to-face consular assistance will be possible in an emergency and the South African Government may not be able to help you if you get into difficulty, depending on your location.

Therefore, citizens are further encouraged to assess their own safety and security and act accordingly.

The following contacts may be used:

Tehran:

Telephone: +98-912-230-8968
Telephone: +98-930-495-8965

Helpline of the Department of International Relations and Cooperation in Pretoria, RSA:

Telephone: +27 12 351 1000

The web page of DIRCO may be consulted for further contact information (www.dirco.gov.za).

Distributed by APO Group on behalf of Republic of South Africa: Department of International Relations and Cooperation.

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Canon EMEA (Canon-CNA.com) is partnering with Nature Seychelles, a leading non-profit organisation in the Western Indian Ocean, and the Coral Spawning Lab (CSL), to lead a first-of-its-kind project designed to safeguard the Seychelles’ vital marine ecosystems. The project aims to restore and protect coral reefs against climate change by embracing a new method of coral regeneration in the region.

Canon will provide investment to Nature Seychelles for the construction and operation of a coral breeding facility as well as Canon imaging equipment to enhance observation and documentation of coral spawning, to be used in citizen science, and for education and awareness. Canon’s equipment will allow researchers to witness coral spawning events in detail previously not seen before.

This will be the first of its kind in the region and will enhance Nature Seychelles’ new Assisted Recovery of Corals (ARC) facility, a land-based coral aquaculture facility aimed at boosting coral restoration efforts to save reefs from the impacts of climate change.

With support from Canon and CSL, Nature Seychelles will develop a deeper understanding of coral reproductive timing, post-settlement growth, and survival. The technology provided will also facilitate photomicrography, photogrammetry, and the production of high-quality imagery and videos for researchers.

The new cutting-edge coral breeding facility will create a genetic bank of resilient coral and document the process like never before. It will be built by CSL – a UK-based team of researchers that work to better understand the life cycles of reefs to equip communities with the information they need to regenerate coral ecosystems. CSL will also provide training in Seychelles to operate the facility.

Coral reef restoration in the Seychelles has traditionally relied on the “coral gardening” (http://apo-opa.co/45rAo7K) technique where coral fragments are selected from existing reefs and grown in nurseries, before being transplanted back into degraded areas. However, given this process results in a reef populated by genetically identical corals, the technique falls short of creating corals that can routinely withstand the events that degrade them; for example, coral bleaching events, where stress triggered by rising ocean temperatures causes damage to their tissue. The lack of genetic diversity within gardened reefs is a critical weakness, rendering the technique only a temporary fix rather than a long-term solution for improving reef health and resiliency in the region.

“Currently, we’re essentially cloning corals, creating reefs of genetically identical species,” explains Dr Nirmal Shah, CEO of Nature Seychelles. “Evolution thrives on diversity – the strong, the weak, the healthy, and everything in between. To build truly resilient reefs, we need to embrace true diversity. Canon’s partnership, alongside Coral Spawning Lab’s expertise allows us to do just that, by enabling us to breed corals and create a genetic bank of resilient species. Canon’s technology will also allow us to unlock the secrets of coral reproduction, leading to more effective conservation strategies and, ultimately, inspiring true change in how we protect and regenerate these vital ecosystems “

Canon’s support is part of its broader commitment to environmental sustainability and using its imaging technology from cameras to satellites to further enable conservation efforts.

Healthy coral reefs are crucial for the Seychelles’ tourism, fisheries, coastal protection, and biodiversity – and this partnership supports a more sustainable future for the islands.

“Coral reefs are the foundation of our economy, our environment, and our way of life,” says Dr. Shah. “This partnership with Canon is not just about restoring reefs; it’s about safeguarding the future of the Seychelles.”

Dr Jamie Craggs, marine biologist and co-founder of the Coral Spawning Lab, says: “The Coral Spawning Lab has always pushed the boundaries of coral reproductive science. This partnership with Canon and Nature Seychelles allows us to continue that tradition of innovation, combining our expertise with their cutting-edge imaging technology to develop new and more effective approaches to coral conservation.

Working together, we can raise awareness about the urgent need for conservation with a broader audience. As a former underwater cameraman, I know the power of imagery to communicate complex scientific concepts and inspire action. By partnering with Canon, we can share the beauty and fragility of coral reefs with the world.”

Peter Bragg, Sustainability and Government Affairs Director at Canon EMEA, says “Our partnership with Nature Seychelles and the Coral Spawning Lab in this innovative effort to protect the Seychelles’ vital coral reefs, demonstrates our commitment to biodiversity. The power of our imaging technology and expertise can play a significant role in building a more sustainable future for small island nations facing the challenges of climate change. By providing the tools to see, understand, and share the story of coral reefs, we hope to empower communities and raise awareness to protect these vital ecosystems for generations to come.”

Distributed by APO Group on behalf of Canon Central and North Africa (CCNA).

Media enquiries, please contact:
Canon Central and North Africa
Mai Youssef
e. Mai.youssef@canon-me.com

APO Group – PR Agency
Rania ElRafie
e. Rania.ElRafie@apo-opa.com

About Canon Central and North Africa:
Canon Central and North Africa (CCNA) (Canon-CNA.com) is a division within Canon Middle East FZ LLC (CME), a subsidiary of Canon Europe. The formation of CCNA in 2016 was a strategic step that aimed to enhance Canon’s business within the Africa region – by strengthening Canon’s in-country presence and focus. CCNA also demonstrates Canon’s commitment to operating closer to its customers and meeting their demands in the rapidly evolving African market.

Canon has been represented in the African continent for more than 15 years through distributors and partners that have successfully built a solid customer base in the region. CCNA ensures the provision of high quality, technologically advanced products that meet the requirements of Africa’s rapidly evolving marketplace. With over 100 employees, CCNA manages sales and marketing activities across 44 countries in Africa.

Canon’s corporate philosophy is Kyosei (http://apo-opa.co/4jTcjtZ) – ‘living and working together for the common good’. CCNA pursues sustainable business growth, focusing on reducing its own environmental impact and supporting customers to reduce theirs using Canon’s products, solutions and services. At Canon, we are pioneers, constantly redefining the world of imaging for the greater good. Through our technology and our spirit of innovation, we push the bounds of what is possible – helping us to see our world in ways we never have before. We help bring creativity to life, one image at a time. Because when we can see our world, we can transform it for the better.

For more information: Canon-CNA.com

About Nature Seychelles:
Nature Seychelles is a leading environmental organization dedicated to the conservation and sustainable management of the Seychelles’ natural resources. Through research, education, and community engagement, Nature Seychelles works to protect the Seychelles’ unique biodiversity and promote a sustainable future for the islands.

About Coral Spawning Lab:
Coral Spawning Lab are pioneers in land-based sexual coral reproduction. Their groundbreaking research, technical expertise in coral propagation, and extensive experience in restoration projects enable them to advance research and selective breeding programs—helping repair damaged coral reefs at scales that can make a meaningful difference to our oceans and our planet. Their goal is to empower and equip every practitioner, reef manager, and restorer with the tools and knowledge needed to spawn coral in land-based facilities.

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The President of the Republic of Liberia, His Excellency Joseph Nyuma Boakai, Sr., has by Proclamation declared Monday, June 16, 2025 as the “Day of the African Child and the World Day Against Child Labor”, to be observed throughout the Republic as a Working Holiday. According to a Foreign Ministry release, the Government of Liberia will join the African Union Commission (AUC) and other international partners in collaboration with the Liberia’s Children’s Representative Forum featuring the participation of over 1,000 children representing all fifteen counties of Liberia and children across the African under the Global theme: “Planning and Budgeting For Children’s Right: Progress Since 2010 and the National theme: “From Planning to Impact: Securing Resources For Every Liberia Child” And “Lets Act On Our Commitments: End Child Labor”.

On that day, history recorded the brutal massacre in Soweto, the Republic of South Africa, of protesting black school students against Apartheid, while advocating for equal rights and opportunities. According to the Proclamation, the core significance of the observance of the Day of the African Child is firstly in memory of hundreds of black school children who participated in the Soweto uprising in 1976. An assembly of Heads of State and Government of the Organization of African Unity (OAU), now African Union Commission (AUC), in keeping with Resolution CM/RES.1290 XL, declared 16th of June each year as the “Day of the African Child” which will be jointly celebrated with the World Day Against Child Labor (June 12), an International Labor Organization (ILO)-sanctioned holiday first launched in 2002, aiming to raise awareness and activism to prevent child labor. 

The Proclamation further indicated that in adherence to the Convention of the Right of the Child, the Government of the Republic of Liberia ratified the Convention by an Act of Legislature in 1992, which guarantees the full protection of children from all forms of depravation and abuse. The Proclamation also disclosed that on Monday, June 16, 2025, the Ministry of Gender, Children and Social Protection, in collaboration with the Ministry of Labor and international partners will join in the celebration of the Day of the African Child and the World Day Against Child Labor, an event that will include the County and National Elections of the Liberia National Children’s Representative Forum, educational activities, and a campaign to raise awareness about the rights and welfare of children in Liberia. The Proclamation therefore calls upon all citizens and foreign residents, national and international youth organizations as well as government agencies concerned to join the Ministry of Gender, Children and Social Protection and the Ministry of Labor to plan and implement appropriate programs befitting the occasion.

Distributed by APO Group on behalf of Ministry of Foreign Affairs of Liberia.

African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has signed an agreement to provide the Banque de Développement des États de l’Afrique Centrale (BDEAC) with EUR 100-million trade finance facility to support critical regional integration projects in the Central African Economic and Monetary Community (CEMAC). The facility would also support the upgrading of trade-enabling infrastructure in the CEMAC region.

The agreement was signed in Abuja, Nigeria, on June 5, 2025 on the sidelines of the official launch of the African Medical Centre of Excellence (AMCE). Prof. Benedict Oramah, Afreximbank’s President and Chairman of the Board of Directors, signed for the Bank, while Dieudonné Evou Mekou, President of BDEAC, signed for his organization.

Speaking after the signing, Prof. Oramah highlighted the significance of the facility in strengthening regional integration, saying, “This facility marks another significant milestone in Afreximbank’s efforts to deepen trade and investment, as well as close the trade-enabling infrastructure gap in the CEMAC region. With this line of credit, Afreximbank and BDEAC are sending a strong message to our people that it is through strong partnerships and by pooling our resources that we can collectively transform the economic fortunes of our people.”

On his part, BDEAC President, Dieudonné Evou Mekou welcomed the signing of the new facility, noting that: “It confirms the excellent quality of the partnership between BDEAC and Afreximbank – two institutions at the forefront of financing African economies.  The establishment of this credit line will enable BDEAC to strengthen and diversify its interventions in the CEMAC zone, thereby contributing more significantly to regional economic integration, sustainable development, and the improvement of living conditions for the populations, in accordance with Strategic Orientation N°1 of the AZOBE 2023-2027 Strategic Plan.”

The advent of this new facility confirms the excellent quality of the partnership relations that exist between the two financial institutions dedicated to African economies.”

BDEAC is the regional development finance institution for the CEMAC regional block and has had a long-standing partnership with Afreximbank.

Distributed by APO Group on behalf of Afreximbank.

Media Contact:
Vincent Musumba
Communications and Events Manager (Media Relations)
Email: press@afreximbank.com

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About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank’s total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.

For more information, visit: www.Afreximbank.com