Africa-Press – Liberia. Three financial institutions – Citi Trust, Afriland Bank, and the Liberia Enterprise Development Finance Company (LEDFC) – have earmarked 50% of the Liberia Investment, Finance, and Trade (LIFT) project funds for businesses owned by Liberian women.
This initiative, funded by the World Bank Group, aims to strengthen the country’s economy by supporting local women entrepreneurs.
The LIFT project includes a Line of Credit (LOC) that provides US$6 million to participating financial institutions for eligible small and medium enterprises, along with an additional US$1 million for technical assistance to PFIs and the CBL.
It also targets MSMEs owned or managed by women, encourages long-term financing with loan maturities of up to five years, and provides technical assistance and training to all interested financial institutions.
LEDFC CEO Ambrose Houphouet, who spoke recently on behalf of the financial institutions at the signing of the agreements between them and the Government, through the Ministry of Commerce and the Central Bank of Liberia to participate in the Line of Credit (LOC), emphasized their unwavering commitment to the initiative.
“We pledge to deploy the funds primarily to Liberian-owned MSMEs, with 50% earmarked for women-owned businesses,” said Houphouet.
He noted that the LIFT fund marks a departure from conventional lending, offering more favorable loan terms, interest rates, principal repayment schedules, and collateral requirements.
“This initiative is crucial for economies like Liberia’s, which face significant challenges,” he stated. “While today’s opportunity is substantial, it addresses just a fraction of the broader financial needs.”
He assured stakeholders that the funds would be meticulously managed, with all necessary reports submitted promptly.
“We will ensure that every dollar is accounted for and that comprehensive reports are submitted on time,” Houphouet affirmed.
He expressed gratitude to the World Bank Group, the Government of Liberia, the Ministry of Commerce, and the Executive Governor of CBL for their support.
“We deeply appreciate the unwavering support from our partners, including the World Bank, the Ministry of Commerce, and the CBL,” he added.
Houphouet also acknowledged the efforts of the teams at CBL, the Ministry of Commerce, and the financial institutions that provided essential information for decision-making.
“Special thanks go to the dedicated teams at CBL, the Ministry of Commerce, and our partner financial institutions for their invaluable contributions,” he noted.
In closing, Houphouet conveyed his enthusiasm for the LIFT initiatives and looked forward to further opportunities to empower Liberian MSMEs.
He emphasized that their commitment extends beyond Monrovia to the leeward counties, ensuring broad-based support for women entrepreneurs across Liberia.
“We are committed to extending our reach beyond Monrovia, supporting women entrepreneurs throughout the leeward counties,” he concluded.
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