Investment Promotion Act, 2004
An Act to promote and facilitate investment in Sierra Leone and to protect the rights of investors.
Summary
The Investment Promotion Act, 2004 was enacted to encourage and facilitate both domestic and foreign investment in Sierra Leone in the post-conflict recovery period. It sets out the legal environment and guarantees intended to attract investors.
The Act provides for the treatment and protection of investment, including guarantees against expropriation without compensation, the free transfer of capital and profits, and non-discrimination between investors. It provides for investment facilitation and incentives and for the settlement of investment disputes, including access to international arbitration.
It is a central element of the framework for private-sector-led economic development.
Main provisions
- Promotes and facilitates domestic and foreign investment.
- Guarantees protection against uncompensated expropriation.
- Provides for the free transfer of capital and profits.
- Provides for non-discrimination and fair treatment of investors.
- Provides for investment incentives and dispute settlement, including arbitration.