4 February 2013

Liberia: Transformation Hour - CBL Intensifies Support

In effort to see Liberians take over their own economy, Central Bank Governor Dr. J. Mills Jones has buttressed President Ellen Johnson Sirleaf's called for transformation in the Liberian business sections after providing over L$100 millions to Micro-finance institutions in Ganta, Nimba County.

On January 28, 2013 President Sirleaf said it was time for transformation in the Liberian economy adding that foreign businesses cannot build this healthy economies while while appreciating foreign businesses and foreign investors in the country.

The Liberian leader further cautioned Liberians against going down the role that will lead the country to growth without development.

But Governor Jones has attached serious important to President's statement adding that it is time that Liberians work for a vibrant economy in order to improve their lives.

The CBL Executive Governor made the statement last Thursday in Ganta, Nimba County where he gave over L$100 million to several businesses institutions in continuation of his loan extension and availability facility program in the 15 counties.

"CBL was deeply concern about support Liberian businesses especially small one. We believe that small businesses need help significantly in building the Liberian economy," he said.

Dr. Jones vowed the CBL will support Liberian businesses in its effect to strengthening Liberian entrepreneurs.

He explain that CBL was committed to empower all Liberians not only those in the elite class but those at the button level.

"In order to be relevant, business institution can not be a club of business elite. It door must be open to all in order to have the opportunity through hard work to become bigger tomorrow," he said.

CBL governor Mills Jones said he glad that Micro-finance institutions were paying back money that borrow from the bank.

The CBL Governor informs the public that in June 2012 the CBL made available over 93 million to 102 institutions or organizations in the 15 counties so as help small businesses in their communities.

Governor said he was pleased to report that many of the beneficiaries feel happy with program impressed that 85% of the beneficiaries were women.

Move than 68 millions were provided to Credit Union, 7 millions to Micro-finance institutions and 42 millions to Village Saving and Loan Associations all in Liberian dollars.

The Central Bank of Liberia has provided over L$100 million to Micro-finance, Credit Union and Village Saving and Loan Associations in the Country.

The amount was awarded to Micro-finance, Credit Union and Village Saving and Loan Associations through the CBL loan extension and availability facility program.

Also speaking at the ceremony Nimba County Senator Prince Johnson commends Governors Jones and members of the Broad of Governors for what he term as supporting and improving pledge of all liberians here.

Senator Johnson said it was first in the history of the Liberians economy to see the CBL governor to seek the welfare of the Liberian people.

The ceremony was attended by former and present officials government as well as several heads business institutions.

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