9 January 2013

Liberia: LIBA Commends CBL for U.S. Five Million Loan Package to Liberian Businesses

The Liberia Business Association (LIBA) has commended the Central Bank of Liberia (CBL) through its Executive Governor Dr. J. Mills Jones for the launch of a US$5M loan package for members of the LIBA. According to the President of LIBA, Mr. D. Maxwell-Kemayah, the launch of the loan package will help boost the economy of the country. He said now is the time for Liberia's economy to be transformed by the citizens.

He described the latest move by the CBL as laudable. Mr. Kemayah made these comments on Monday, January 7, 2012 at an official program marking the launch of a US$5million loan package for Liberian businesses. The program, which was held at the Monrovia City Hall, brought together hundreds of prominent business tycoons, bankers, government officials amongst others.

Among other things, the LIBA president stated that members of the association remain committed, hardworking and steadfast to ensure the full transformation of the country's economy. Earlier speaking, the Executive Governor of the CBL, Dr. J. Mills Jones, pointed out that the collective effort of both the private and public sectors remains paramount to the economic growth and development in any society.

He disclosed that the loan package would help develop and sustain the beneficiaries adding that, "the loan is coming directly from the CBL's proceeds." He noted the CBL attaches great importance to improving and enhancing the capacity of Liberian businesses, and as such, the CBL would continue to provide assistance to Liberian entrepreneurs through its micro-loan scheme.

Dr. Jones disclosed that the micro loan package for LIBA would be implemented by three (3) banking institutions operating in the country. He named the banks as: First International Bank (FIBANK), Ecobank and the International Bank (IB).

He urged members of LIBA to co-exist and hold together in order to promote and develop the Liberian economy.

He underscored the need for the full decentralization of LIBA to other parts of the country.

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