Invest Salone has today (15 August 2022) announced a new funding window to drive investment in mitigation and adaptation actions that address climate change in Sierra Leone.
The Climate Finance Funding Window is the second round of Invest Salone’s PROSPER Salone initiative, and will provide matching grants of between £5,000-£350,000 to impact investors, institutional investors, domestic investors and international corporates.
“We are keen to support investors with a serious commitment to investing in Sierra Leone who wish to explore climate mitigation measures such as low-carbon transportation and renewable energy generation – as well as adaptation measures like nature-based infrastructure and waste management,” said Suba Sivakumaran, Invest Salone Consultant and Head of Private Sector Development, Nathan Associates London.
Financed by UK aid from the UK Government, PROSPER Salone offers matching grant support to both international and domestic investors to help them reduce the risks of doing business by conducting scoping trips, undertaking feasibility studies, developing pipelines, conducting due diligence and assessing viability.
Ms. Sivakumaran explained that PROSPER Salone supports activities that investors would not be prepared to otherwise pursue due to the commercial risks and expenses of such a pursuit. “This facilitative approach has already proven successful with grantees from previous windows successfully mobilising investments worth $16.9 million into seven Sierra Leonean companies,” she added. “Our new funding window will allow investors to test out ideas that have the potential to create positive impact when it comes to addressing climate change in Sierra Leone.”
Investments under this new window should broadly fall within the areas of:
- Adapting and building resilience to the current and future effects of climate change
- Pursuing low-carbon development
- Supporting the sustainable management of natural resources
- Increasing access to clean energy
- Reducing deforestation
- Adopting climate-related disclosure measures
- Carbon capture or carbon off-setting initiatives
To be eligible for consideration, proposals must include: (i) a development rationale for how the grant will support investment in Sierra Leone; (ii) a clear articulation of how the investment links to overall economic growth, job creation or competitiveness, or all three; and (iii) an explanation of how the proposal links to climate change mitigation or adaptation measures, or both. Investors seeking funding must provide matching funds (in-kind or cash) that are at least 20-30% of the total cost of the supported activity.
Bids can be submitted by individual organisations or in partnership with others including non-governmental and community organisations. For more information on the application procedure and eligibility criteria, please visit: https://investsalone.com/prosper-salone/
Invest Salone is a private sector initiative which facilitates inclusive economic growth in Sierra Leone. It is funded by UK aid from the UK Government.
An overview of PROSPER Salone and the activities of previous grantees can be found on the Invest Salone website.