Moroccan Economic Delegation Engages Sierra Leone’s PRA on Investment Opportunities

On July 25, 2024 – An economic delegation from Morocco, led by the Moroccan Embassy in Freetown, engaged with the management of the Petroleum Regulatory Agency (PRA) at the Ministry of Foreign Affairs and International Cooperation (MFAIC) to explore potential investment opportunities within the downstream petroleum sector and strengthen bilateral ties.

During the engagement, Ambassador Isam Taib, representing His Majesty the King of Morocco, commended the Ministry of Foreign Affairs for facilitating the discussions with Sierra Leone’s selected ministries, departments, and agencies (MDAs). He emphasized that the two-day working visit was a result of President Julius Maada Bio’s successful bilateral talks with the Kingdom of Morocco earlier this year. The discussions focused on enhancing bilateral ties and exploring investment opportunities in sectors such as trade, agriculture, education, energy, and mining.

Ambassador Taib reiterated Morocco’s commitment to supporting Sierra Leone’s vast investment opportunities, particularly in priority sectors. He also congratulated Sierra Leone on its historic attainment of a strategic position at the UN Security Council, noting Morocco’s pivotal role in supporting Sierra Leone’s peace and stability.

The Executive Chairman of the Petroleum Regulatory Agency (PRA), Brima Baluwa Koroma, lauded the Moroccan delegation for their sustained bilateral relationship. He highlighted the significant achievements of the PRA over the past six years, which have positioned it as a compelling sector for investment and a key driver of service delivery. Koroma disclosed that the national storage facility target is around 500,000 metric tons, with a monthly consumption rate of approximately 40,000 metric tons and potential for growth. He expressed a desire for the establishment of a government strategic stock, alternative petroleum depots, and regional tank farms to mitigate risks associated with the current concentration of petroleum depots in the Kissy Terminal.

Koroma appealed to the Moroccan delegation for assistance in constructing additional tank farms and strategic storage facilities. This would extend the current replenishment period from four weeks to twelve weeks or beyond, significantly enhancing the sector’s capacity.

On behalf of the Honorable Minister of Foreign Affairs and International Cooperation, Alhaji Timothy Musa Kabba, Deputy Director General of Policy Allan Logal expressed gratitude to the Moroccan delegation for their interest in tapping into available opportunities within Sierra Leone’s MDAs. He emphasized the mutual benefits of enhanced bilateral cooperation between the two countries and assured the delegation of Sierra Leone’s full cooperation throughout the investment process.

The engagement underscores the growing economic and diplomatic relationship between Sierra Leone and Morocco, paving the way for future collaborations and investments that will benefit both nations.