The signing ceremony
The signing ceremony

Participating Agreements for Line of Credit Signed

The signing ceremony
Press Release: May 30, 2024: Commerce and Industry Minister, Amin Modad is commending the World Bank and other development partners for collaborative efforts geared toward boosting the private sector of Liberia.

Minister Modad said such partnership is timely considering its importance in promoting sustainable economic development.
He cautioned would be beneficiaries of the program to exercise the highest degree of honesty and accountability in handling funds being provided.

He said cultivating the culture of accountability and honesty will encourage the country’s development partners to always identify with Liberia in areas that sustain private sector improvement. Minister Modad also told the gathering that the program will place Liberians first before any other group of beneficiaries.

The Commerce and Industry Minister made the call this week during the signing ceremony for the Participating Agreement for Line of Credit (LOC) at the Central Bank in Monrovia.

Also speaking, World Bank Country Manager, George Wallen said the occasion was part of constructive steps to help businesses owned by Liberian women and other enterprises that have been looking for support in order for their businesses to grow and to also create jobs.
Mr. Wallen described SMEs as the backbone of the Liberian economy and many other countries around the world. He said supporting them is credible to achieving Liberia’s development goals, including economic diversification and job creation.

Mr. Wallen also indicated that the World Bank-Liberia Investment Finance and Trade Project (LIFT-P) represents a step forward for private businesses and an enterprising SMEs and MEs across the country.
He said the World Bank was happy and delighted for being part of the signing between the Liberian government and three selected financial institutions.

For his part, Central Bank of Liberia (CBL) Executive Governor, Aloysius Tarlue, said when he got to the CBL, it was observed that a lot of issues surrounding Micro Finance were not in place. He said in order to avoid some of the past mistakes, the current program should focus on rural Liberia.
“I thank Minister Modad and the World Bank for the smart decision to give US$2.5million for now as a test case to see the implementation.

Governor Tarlue described the LIFT Project as a post COVID-19 economic recovery initiative and admonished all stake holders to be careful how the manage the economy and the LIFT Project.