Lloyd's introduces new initiative for economic resilience in Sierra Leone

Lloyd’s launches new initiative for economic resilience in Sierra Leone

Lloyd's introduces new initiative for economic resilience in Sierra Leone

Insurance News

By Kenneth Araullo

In a significant move towards promoting sustainable development, Lloyd's has partnered with Sherbro Alliance Partners (SAP) to facilitate economic resilience and growth in Sherbro Island, Sierra Leone.

This collaboration, formalised through a Memorandum of Understanding (MOU) at Lloyd’s headquarters in London, underscores the commitment of both entities to foster regional growth and sustainability on the island.

The agreement outlines Lloyd's role in marshalling its extensive network and expertise in specialist insurance and risk management to aid the project's sustainable and regional development objectives. Lloyd's, alongside strategic partners including the international professional services firm Aon and insurer Tokio Marine Kiln (TMK), will contribute its vast knowledge and resources to support the initiative.

Sherbro Island is set to undergo a transformation into an eco-city, incorporating sustainability with Sierra Leonean culture, history, and traditions. The project aims to create a hub for global visitors, offering modern amenities, business-friendly regulations, and opportunities for tourism, arts, culture, residency, work, investment, education, recreation, and retirement.

Currently, SAP is working in collaboration with the Government of Sierra Leone to conduct further feasibility studies. These studies are crucial for detailing the insurance requirements associated with Sherbro Island's ambitious plans for renewable energy, eco-tourism, and business ventures.

Lloyd’s CEO, John Neal, highlighted the company's role in supporting innovative and regenerative projects worldwide, noting Lloyd's position as chair of the SMI’s Insurance Taskforce.

“Sherbro Alliance Partners’ vision for Sherbro Island is to bring long-term prosperity and growth to the region, while providing access to cutting-edge renewable energy and technology. We look forward to working closely with SAP to help bring this project to life,” Neal said.

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