The Ministry of Commerce & Industry, in collaboration with the African Development Bank, on Tuesday, July 22, 2025, launched   the Youth Entrepreneurship and Investment Bank (YEIB) Program for Advancing Youth Entrepreneurship and Investment (PAYEI) in the country.

Liberian Chief Executive, Joseph Nyumah Boakai, made special remark and formally cut the ribbon, while the President of the African Development Bank, Dr. Akinwumi Adesina performed the official launching of the initiative.

The USD$16m Liberia Youth Entrepreneurship and Investment Bank (YEIB) is considered as of Dr. Adesina’s flagship projects during his ten- years role as president of the African Development Bank.

Launching the program at the E.J.S Ministerial Complex in Congo Town, he said  the Africa Development Bank (AfDB) has invested more than USD$1.02 billion in Liberia since 1967, with 18 active projects at the current monetary value of USD$408m. He told the gathering that the period covers transport, agriculture, energy, public sector reform and finance.

Addressing the forum on the topic: “Liberia: Arise and Shine,” Dr. Adesina said the initiative represents a new era in development finance. He however warned against practices that have the propensity to undermine growth and development- noting that export of raw materials from Africa is the doorway to poverty.   

“The export of value-added products is the highway to wealth,” Dr. Adesina added, as he attracted rounds of applause. 

In a special remark, President Joseph Nyumah Boakai, said the AfDB President has proven to the world that extraordinary results are produced when bold ideas are combined with clear vision and determination. 

He commended Dr. Adesina for the AfDB’s capital base, which grew from $93billion to $318billion during his decade-long tenure as president of the AfDB.

The Liberian President indicated that such a worthy development does not just point to growth, but a revolution in development thinking. 

President Boakai also appealed to the Bank for its support for the proposed Liberty Corridor Project- a regional transport and trade infrastructure connecting Liberia with Guinea, Mali, and Burkina Faso.   The Liberian Chief Executive believes that realizing this goal will make Liberia a gateway to the Atlantic for its landlocked neighbors.

Financed by the (AfDB), and implemented by the Ministry of Commerce & Industry (MoCI), through its Small Business Administration, the Youth Entrepreneurship and Investment Bank (YEIB) serves as a groundbreaking initiative of the Liberian Government.  The overarching goal of the program is to strengthen financial and non- financial business services to young women and men entrepreneurs in Liberia in order to ensure financial inclusion by decreasing their vulnerabilities.

This will also support long term sustainability of business support services provision.  Political observers see the initiative as a game changer on grounds that it could   transform Liberian youth from job seekers to job creators.

Since the resumption of official duties at the Ministry of Commerce & Industry at the fall of 2024, Madam Magdalene Ellen Dagoseh continues to assure the public about   the Ministry’s programs and policies touching the lives of the  Liberian people.