Project

Rural Finance and Community Improvement Programme – Phase II (RFCIP2)

Sector

Credit and Financial services

Financing chart
Financing Gap (USD)
5,000,000
Target group
324,496
beneficiary households
Project target area

15 districts in the country

 
Summary
The theory of change of RFCIP2 is that access to a wide range of financial services and products would provide rural individuals, groups and small enterprises to build wealth (through accumulation of assets through savings), leverage debt with loan products, engage in efficient financial transactions with payment and remittance services and mitigate potential losses with risk management products.
Components and Objectives
IFAD continues its traditional support to align its development assistance to the Government of Sierra Leone in line with policy objectives and priorities, which has a strategic pillar on Access to Finance. To this end, under the RFCIP2 Second Additional Financing (AF2), the amount of US$4 million allocated to the Temporary Investment Fund (TIF) and US$7.5 million to the Agricultural Financing Facility (AFF) loanable resources would be deployed with the benefits of the lessons learned in their previous itineration under RFCIP2, but this time to introduce improvements in their operational deployment to strengthen the smallholder farmers and rural enterprises in the IFAD target group to develop effective partnerships among farmers and other value chain actors to crowd in additional resources from Government of Sierra Leone (GoSL) and development partners to advance the country’s development agenda.
Financing

Total project cost

65,638,000

IFAD financing
 

70.6 %
46,316,000
46,316,000
IFAD

International cofinancing

0.0 %
0

National cofinancing

21.8 %
14,322,000
8,345,000
National Government
5,977,000
Beneficiaries

Financing
gap

7.6 %
5,000,000

Approval date

3 April 2013

Expected duration

2013 –
2027

Lending terms

Highly Concessional

Income level

Low Income

Replenishment cycle

IFAD 12

Implementing agency

Contact information

Country Director: 
Pascaline 
Barankeba 
Email: p.barankeba@ifad.org