The Liberian Government, through its sector institution- the Ministry of Commerce & Industry (MoCI) has officially launched Phase II its Micro, Small and Medium Enterprises (MSME) Line of Credit. The program, under the Liberia Investment Finance and Trade (LIFT) Project was launched jointly with the Central Bank of Liberia (CBL) on Thursday, July 31, 2025, at the CBL in Central Monrovia.

During the ceremony, the Minister of Commerce & Industry (MoCI), Magdalene Dagoseh, reiterated the Liberian Government’s commitment to creating a robust and investor-friendly environment for the country.

 “As we sign another agreement for the disbursement of US$3.5 million to be lend to Liberian businesses, we are aware of the challenges that come with lending and repayment of loans in Liberia; under this Line of Credit, the Steering Committee under our leadership has endeavored to engage financial institutions to  finding solutions   to these challenges together, “she said.

Minister told the gathering that the LIFT Project is structured to enable trade and investment environment through support for private investment, automated business licensing, National Single Window for Trade. This includes upscaling SMEs access to finance and market through innovative lending schemes and technical support to strengthen the capacity of SMEs to create jobs and beneficial economic opportunities, etc.

Madam Dagoseh added that as part of President Joseph Boakai’s ARREST Agenda, the Ministry of Commerce & Industry would do nothing that will disappoint the Liberian people. 

“We are determined to implement both the LIFT Project and the newly launched Youth Entrepreneurship Investment Bank (YEIP) Project supported by the African Development Bank,” she added.  She called on local SMEs to be responsible in borrowing and repayment.  She hailed the World Bank, the Central Bank of Liberia Liberia’s other partners in the financial sector for the ongoing partnership.

Also speaking, the Executive Governor of the Central Bank of Liberia (CBL), Henry Saamoi, said the signing ceremony marked a transformative journey to economic growth and development for Liberia. Mr. Saamoi added that the CBL would play a critical oversight role in collaboration with the Liberia Business Association (LIBA) in ensuring the transparent and effective implementation of the LOC in its capacity as a regulatory body.

He also spoke about the Bank’s commitment to safeguarding the integrity of the program and promoting responsible lending practices amongst Participating Financial Institutions (PFIs). Governor Saamoi expressed confidence about the existing partnership not only facilitating economic growth, but also the fostering of financial inclusion and stability.

The CBL Executive Governor called for the culture of responsible repayment among beneficiaries of funding opportunities from donor institutions.

For her part, World Bank Liberia Country Manager, Georgia Wallen, assured Liberians of the Bank’s continued technical and financial support in terms of expanding access to financing for the local Micro, Small, and Medium Enterprises (MSMEs).

In the words of Madam Wallen, the launch represents   another step in strengthening Liberia’s financial system and emphasized its alignment with Liberia’s Vision 2030 and the Liberian Government’s ARREST Agenda for Inclusive Development (AAID).

She added that  Phase I of the project was a promising start, with nearly 100 MSMEs accessing financing, more than half of which were women-led businesses. 

She informed the gathering that nearly 50% of the beneficiaries were also located outside Montserrado County-an idea that signals an encouraging reach into rural Liberia. The World Bank Liberia Country Manager mentioned that Phase II will expand into critical sectors such as agriculture, agro-processing, healthcare services, education, and light manufacturing. 

Under subcomponent 2.2 of the LIFT Project, the Line of Credit’s Second Phase has a total facility of US$6million. Out of this figure, US$2.5million was disbursed in 2024.The LoC is intended to provide low-cost, long-term loans to MSMEs to enable them drive private sector development and sustainable economic growth across Liberia.