10 January 2013

Liberia: CBL Boosts Liba's Loan Scheme With U.S.$5 Million

The Central Bank of Liberia (CBL) has provided US$5 million to the Liberia Business Association (LIBA) in support of its loan scheme across the country.

The amount was announced Monday by Central Bank Executive Governor Dr. J. Mills Jones at the launch of LIBA's loan scheme at the Monrovia City Hall.

Dr. Jones said the gesture is part of strategies by the CBL to build the capacity of Liberian owned businesses for economic growth.

He noted that the improvement of the country's economy largely depends on building the capacity of Liberian entrepreneurs. He said CBL remains committed to such effort because, according to him, it is in the interest of Liberia and Liberians.

The CBL Governor said the US$5M would be paid with seven percent interest. He wants Liberian businesses to take center stage in the country's economy.

"The launch of the loan scheme is not about the Central Bank of Liberia; it is about the Liberian business sector and we must ensure that Liberians take center stage in the improvement of the economy," Dr. Jones noted.

He pointed out that access to credit is critical to the development of the private sector. The CBL Governor called on banking institutions to prioritize the interest of Liberian owned businesses.

He urged LIBA to use the loan in a transparent and accountable manner in order to attract more support, adding that the loan should benefit every member.

In remarks, the President of the Liberia Business Association, Dee-Maxwell Kemayah commended the CBL for its interest in empowering Liberian-owned businesses.

Mr. Kemayah said the initiative by CBL clearly demonstrates the determination of the government to support Liberian businesses for economic growth.

He assured the CBL that LIBA would not leave any stone unturned in prevailing on its members to pay back the loan in a timely manner.

The LIBA President then stated that only members in good standing would benefit from the loan.

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