Investment Policy Monitor
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The Investment Policy Monitor provides the international investment community with up-to-date, country-specific information on recent policy developments affecting foreign direct investment (FDI).
Through its ongoing monitoring of investment policy changes, UNCTAD delivers cutting-edge and forward-looking contributions to investment policy discourse. The Monitor also supports evidence-based policymaking aimed at ensuring that foreign investment contributes to sustainable development. The Monitor also informs the analysis of global and regional investment policy trends featured in the World Investment Report, the Investment Policy Monitor publications and the joint UNCTAD-OECD Reports on G20 Investment Measures.
UNCTAD has tracked changes in national policies affecting FDI on an annual basis since 1992. Over time, the methodology has been revised to enhance the quality and consistency of reporting. The most recent revision, completed in 2024, further refined the monitoring framework and applied the updated classification to policy measures dating back to 2012.
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UNCTAD Investment Policy Monitor The UNCTAD Investment Policy Monitor database compiles official measures affecting FDI adopted by United Nations Member States. These encompass measures explicitly targeting foreign investment (FDI-specific), as well as general investment measures that have a clear impact on such investment (FDI-related).
The measures are either reported directly to UNCTAD by Member States through annual surveys or identified by UNCTAD researchers through publicly accessible sources (such as government websites and specialized policy databases).
The classification of measures as more or less favourable to investors is based solely on their potential impact on investors. The type of measures included in each category are described below. This classification does not reflect any value judgement by UNCTAD on the merit or suitability of the measure.
Classification of the nature of measures
More favourable to investors
Liberalization: includes privatization; lifting of entry restrictions (e.g. opening of sectors to FDI) and entry conditions (e.g. minimum capital requirement); removal (total or partial) of FDI screening or approval mechanisms; lifting of foreign exchange restrictions; liberalization of land access.
Facilitation: includes streamlining of investment procedures (e.g. one-stop shops); greater transparency of investment-related laws and procedures (e.g. information portals); introduction by IPAs and other entities of new services to assist investors (e.g. linkages programmes, investor visa facilitation or alternative dispute resolution mechanisms).
Promotion: includes establishment of IPAs or other institutions with a remit as investment promoters and expansion of their mandate; adoption of investment promotion strategy and plans; introduction of PPPs, auctions, and concessions initiatives or framework; introduction of OFDI promotion initiatives.
Incentives: includes adoption of new tax and financial incentives schemes for investment; introduction of other incentives (e.g. citizenship by investment programmes); adoption of new SEZ-related incentives.
Other regulatory changes: includes enhancement of investor treatment and protection guarantees; easing of labour or migration regulations concerning foreign hires and key personnel; removal of operational restrictions on investment (e.g. local content requirements).
Less favourable to investors
Entry: includes introduction or tightening of entry restrictions (e.g. total or partial ban on FDI in specific sectors); introduction or tightening of entry conditions (e.g. minimum investment threshold, joint venture requirements or State participation in strategic sectors); introduction or expansion of screening mechanisms for national security.
Treatment and operation: includes introduction or expansion of foreign exchange restrictions; introduction or expansion of restrictions on foreign hires and key personnel; removal or reduction of investment incentives; introduction or expansion of post-establishment requirements for local content; reduction of guarantees for investment treatment and protection; introduction or expansion of restrictions on OFDI.
Note: Measures are verified, to the fullest extent possible, by referencing government sources. The compilation of measures is not exhaustive.
Disclaimer: the boundaries and names shown and the designations used on this map do not imply official endorsement or acceptance by the United Nations.
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- Sierra Leone - Adopts National Investment Board Act, 2022
Sierra Leone
Adopts National Investment Board Act, 2022
14 Jul 2022On 14 July 2022, Sierra Leone adopted a National Investment Board Act that, inter alia, includes new provisions on (i) special incentives, (ii) investor obligations, (iii) investor protection, (iv) transfer of funds and (v) settlement of disputes.
(i) Incentives: The new Act authorizes the Board to permit investment in scarce resources in accordance with the relevant laws relating to such resources, and to promote identified strategic or major investment through new incentives offered under the new Act. In order to qualify for incentives which are earmarked for special investment, an investor must meet the following requirement, among others, (a) minimum investment threshold for the investment set by the Board; (b) engage in any of the priority areas set out by the Board; (c) contribute to tax revenue or other government revenue; (d) adopt value addition in the processing of local, natural and agricultural resources. The Secretariat, in consultation with the Board, issue guidelines and specify priority areas for investment.
(ii) The new Act provides for investor obligations including: compliance with the licence terms and conditions; respect of the laws of Sierra Leone; implementing proposals in accordance with the business plan; keeping financial and accounting records; and keeping data relating to operations of the investment enterprise;
(iii) Investment protection includes (1) right over any property or undertaking forming part of his enterprise, (2) prompt payment of fair and adequate compensation; (3) transfer right subject to any exchange control restrictions; and (c) a right to take legal action in any court of law in respect of any matter arising out of the compulsory acquisition of the property;
(iv) Transfer of funds guarantees relating to the investment through official channels in any convertible currency include (a) dividends or profits (net of taxes) attributable to the investment; (b) payment in respect of loan servicing where it is ascertained by due diligence that a loan has been obtained; and (c) proceeds from a sale or liquidation of the enterprise and any interest.
(v) The New Act provides for settlement of disputes (1) through negotiations; (2) adjudication in Sierra Leone courts, (3) international mechanism including via arbitration; the International Centre for the Settlement of Investment Disputes; or within the framework of any bilateral or multilateral agreement or investment protection to which the Government and the country the investor is from are parties to the agreement.
Finally, the new Act establishes a National Investment Board with sweeping powers over the investment climate under the stated purpose of unifying the regulatory process for investors. The new Act authorizes the Board to create Directorates necessary for the efficient discharge of the functions of the Board, including (a) Business Facilitation Directorate; (b) Public Private Partnership Directorate; (c) Investment and Export Promotion Directorate; and (d) Corporate Affairs Directorate.
The new Act has repealed some provisions of the Investment Act of 2004.
Nature of measure:
- Facilitation
- Incentives
- Other regulatory changes
Type:
- Entry and establishment (Ownership and control)
- Treatment and operation (Nationalizations and expropriations, Capital transfer and FOREX, Dispute settlement)
- Promotion and facilitation (Investment facilitation , Investment incentives)
Industry:
- Not industry specific
Inward FDI:
NoOutward FDI:
NoSources:
- Government Portal, National Investment Board Act, 2022, https://www.parliament.gov.sl/uploads/acts/THE%20NATIONAL%20INVESTMENT%20BOARD%20ACT%202022.pdf, 14 Jul 2022
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The Investment Policy Monitor provides the international investment community with up-to-date, country-specific information on recent policy developments affecting foreign direct investment (FDI).
Through its ongoing monitoring of investment policy changes, UNCTAD delivers cutting-edge and forward-looking contributions to investment policy discourse. The Monitor also supports evidence-based policymaking aimed at ensuring that foreign investment contributes to sustainable development. The Monitor also informs the analysis of global and regional investment policy trends featured in the World Investment Report, the Investment Policy Monitor publications and the joint UNCTAD-OECD Reports on G20 Investment Measures.
UNCTAD has tracked changes in national policies affecting FDI on an annual basis since 1992. Over time, the methodology has been revised to enhance the quality and consistency of reporting. The most recent revision, completed in 2024, further refined the monitoring framework and applied the updated classification to policy measures dating back to 2012.
-
UNCTAD Investment Policy Monitor The UNCTAD Investment Policy Monitor database compiles official measures affecting FDI adopted by United Nations Member States. These encompass measures explicitly targeting foreign investment (FDI-specific), as well as general investment measures that have a clear impact on such investment (FDI-related).
The measures are either reported directly to UNCTAD by Member States through annual surveys or identified by UNCTAD researchers through publicly accessible sources (such as government websites and specialized policy databases).
The classification of measures as more or less favourable to investors is based solely on their potential impact on investors. The type of measures included in each category are described below. This classification does not reflect any value judgement by UNCTAD on the merit or suitability of the measure.
Classification of the nature of measures
More favourable to investors
Liberalization: includes privatization; lifting of entry restrictions (e.g. opening of sectors to FDI) and entry conditions (e.g. minimum capital requirement); removal (total or partial) of FDI screening or approval mechanisms; lifting of foreign exchange restrictions; liberalization of land access.
Facilitation: includes streamlining of investment procedures (e.g. one-stop shops); greater transparency of investment-related laws and procedures (e.g. information portals); introduction by IPAs and other entities of new services to assist investors (e.g. linkages programmes, investor visa facilitation or alternative dispute resolution mechanisms).
Promotion: includes establishment of IPAs or other institutions with a remit as investment promoters and expansion of their mandate; adoption of investment promotion strategy and plans; introduction of PPPs, auctions, and concessions initiatives or framework; introduction of OFDI promotion initiatives.
Incentives: includes adoption of new tax and financial incentives schemes for investment; introduction of other incentives (e.g. citizenship by investment programmes); adoption of new SEZ-related incentives.
Other regulatory changes: includes enhancement of investor treatment and protection guarantees; easing of labour or migration regulations concerning foreign hires and key personnel; removal of operational restrictions on investment (e.g. local content requirements).
Less favourable to investors
Entry: includes introduction or tightening of entry restrictions (e.g. total or partial ban on FDI in specific sectors); introduction or tightening of entry conditions (e.g. minimum investment threshold, joint venture requirements or State participation in strategic sectors); introduction or expansion of screening mechanisms for national security.
Treatment and operation: includes introduction or expansion of foreign exchange restrictions; introduction or expansion of restrictions on foreign hires and key personnel; removal or reduction of investment incentives; introduction or expansion of post-establishment requirements for local content; reduction of guarantees for investment treatment and protection; introduction or expansion of restrictions on OFDI.
Note: Measures are verified, to the fullest extent possible, by referencing government sources. The compilation of measures is not exhaustive.
Disclaimer: the boundaries and names shown and the designations used on this map do not imply official endorsement or acceptance by the United Nations.
Share
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