9 January 2013

Liberia: CBL Empowers Liberian Businesses -Launches U.S. Five Million Loan Scheme

In a bid to strengthen the Liberian businesses climate and reclaim the economy, the Central bank of Liberia (CBL) on Monday, January 7, 2013 officially rolled off a five million United States dollars loan scheme for the sector.

The loan scheme is intended to increase the capacity of members of the Liberia Business Association (LIBA) across the country.

Three commercial banks including, International Bank (IB) Liberia Limited, Liberia Bank for Development and Investment (LBDI) and First International Bank (FIBANK) are poised to work in collaboration with CBL so as to successfully implement the program.

Making a special statement during the occasion which was held at the Monrovia City hall, CBL Executive Governor Dr. John Mills Jones reminded the audience of the essence of Liberian entrepreneurs, describing them as the core of the nation's ongoing economic recovery.

Urging Liberians to engage the CBL on problems confronting them, Governor Jones clarified, "Not a Diem from the IMF SBRR is being or was used for the bank's loan scheme, adding, complaining will not do anything, you have to engage us."

Governor Jones challenged all Liberian entrepreneurs to do all they can to develop their economy, noting that access to the CBL is critical to the nation's banking sector.

In response, LIBA President Mr. D. Maxwell Kemeyan expressed heartfelt gratitude to the CBL for the initiative.

Mr. Kemeyan described the central bank's endeavor as the true role of a central bank in any given economy, especially Liberia's.

Stressing the need for Liberia economy to be completely revolutionized, Mr. Kemeyan reaffirmed his administration's commitment to take LIBA to all 15 political subdivisions of Liberia.

Speaking on behalf of his colleague, the Chief Executive Officer of IB Mr. Henry Samoi congratulated CBL for the initiative, adding that it is the right step on the pave to making Liberia a middle income nation by 2030.

Disclosing LIBA members 100% pledged to living up to the terms and conditions of the loan scheme, Mr. Samoi indicated IB and the two other commercial banks commitment towards ensuring that they (LIBA members) uphold the terms and conditions therein.

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