Washington DC, US, 14 December 2022 – SAP & GoSL commit further to the development of Sherbro Island with the signing of Investment Framework Agreement (IFA) after lengthy but productive negotiations.
The parties reached an agreement on the IFA in Washington D.C. during the US-Africa Leader’s Summit, with U.S. Senator Gregory Meeks praising the project and GoSL’s commitment to innovation and development.
The common vision for Sherbro Island City, is to transform the island into an engine of economic growth for Sierra Leone and the surrounding West Africa region. Operated under a legal regime designed to attract and protect long-term investment, Sherbro Island will develop a diversified service and manufacturing economy that creates job opportunities for Sierra Leoneans and attracts new capabilities to the region. The project will integrate efficient infrastructure with transparent and effective governance, supported by the application of smart technology and climate-sensitive policies
SAP has established a Public-Private Partnership (“PPP”) with the GoSL. The PPP has been established to allow the parties to serve as a development authority on Sherbro Island with the objective of creating a special economic zone. GoSL invited SAP to recommence negotiations following the signing of a Memorandum of Understanding in 2019 and an extensive research phase around the viability of the project undertaken by the SAP team and other experts.