Wednesday, November 15, 2006

Destruction on Freetown estimated at $796 million

A public lecture organized by the office of the Vice President in collaboration with the UN development agency, UNDP Friday estimated destruction during the January 6, 1999 invasion of Freetown at US$796 million.

The revelation was made by outgoing World Bank Country Representative, James Sackey at the Miatta Conference Hall, Brookfields where he delivered a paper on the Sierra Leone economy: the challenges and prospects.

"The destruction of the city affected the cultural systems, basic discipline of the economy and provided the opportunity for complete change. The war destroyed the export sector and this was very important when we discuss the economy between the periods of 1991 to 2001, especially considering the fact that cities depend to a large extent on trading," he explained.

Meanwhile, the Minister of Finance, John Benjamin said US$44 million is almost been sourced, following a successful meeting with donors, to undertake major development projects on the pipeline and for the rehabilitation of the seaport, airport and the Makeni/Matotoka highway.