The Ministry of Commerce and Industry and the Central Bank of Liberia have partnered with seven financial institutions to provide much-needed credit to the nation’s micro, small, and medium enterprises (MSMEs).
The initiative, part of the Liberia Finance Investment and Trade Project, is supported by funding from the World Bank.
The agreement was officially signed at a ceremony on the tenth floor of the Central Bank of Liberia.
Minister of Commerce and Industry, Magdalene Dagoseh, and Central Bank Executive Governor, Henry Saamoi, signed on behalf of their respective institutions, along with representatives from the participating banks.
Minister Dagoseh acknowledged the government’s awareness of the difficulties Liberian businesses face in securing and repaying loans.
Governor Saamoi echoed such sentiment, using his remarks to urge the national legislature to pass laws that would help financial institutions more efficiently recover funds issued as credit.
The signing ceremony was attended by key stakeholders, including representatives from the Liberia Business Association, the National Bureau of Concessions, and various banking and financial institutions.
