By Amin Kef (Ranger)
Lloyd’s has signed a Memorandum of Understanding with Sherbro Alliance Partners to support economic resilience and growth opportunities on Sherbro Island, Sierra Leone.
Considered as a significant move towards promoting sustainable development, Lloyd’s partnership with Sherbro Alliance Partners (SAP) is geared towards facilitating economic resilience and growth in Sherbro Island, Sierra Leone.
The collaboration, formalized 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.
He furthered that: “As Chair of the SMI’s Insurance Taskforce, Lloyd’s has a leading role to play in helping to bring innovative and regenerative projects to life around the world..”
Idris Elba, Co-Founder of Sherbro Alliance Partners said: “This partnership represents a significant milestone in our efforts to make Sherbro Island a reality. Lloyds’s commitment to backing regenerative projects globally positions them as an ideal partner. Together we are at the forefront of pioneering a fresh approach to developing African cities, with a strong focus on sustainable and renewable energy. Lloyd’s support will fuel our growth as we work towards achieving our shared vision of a more sustainable future.”
Siaka Stevens, Co-Founder of Sherbro Alliance Partners stated: “Building African cities that prioritize sustainable growth and development require strong partnerships. By collaborating with Lloyd’s we can harness collective expertise, resources and innovation to create a thriving modern city. Partnerships like these our crucial in shaping Africa’s sustainable development to ensure our cities are not only technologically advanced but also environmentally conscious, socially inclusive and economically vibrant.”
