ON TUESDAY AT an elaborate ceremony held in Congo Town outside Monrovia to officially open the offices of the International Finance Corporation (IFC), a member of the World Bank Group, Mr. Rashad Kaldany, Vice President and Chief Operating Officer of the IFC reiterated the institution's and the World Bank's commitment to Liberia's long term development.
THE IFC OFFICIAL promised that the Bank and the IFC will work side-by-side with its public and private sector counterparts in Liberia to help create jobs, build infrastructures and improve lives. The IFC Vice President also said Liberia has made good progress, but there are many challenges yet to overcome. He noted that because there are many challenges to overcome, the IFC and the World Bank are committed to Liberia's long term development process.
MR. KALDANY SAID the opening of the IFC offices demonstrates the institution's commitment to Liberia and to help the country which is so full of potential achievements, lasting growth and prosperity. The IFC official named Liberia's achievement as the country's embracing democracy, elected Africa's first female Head of State and is making the reforms necessary to strengthen its economy, attract investment and create opportunities for its people.
INDEED THE IFC has been facilitating public private partnership such as the one between the Liberia Electricity Corporation (LEC) and the Canadian based Manitoba Hydro through which electricity has been restored to Monrovia though the process is gradual.
WE ARE ALSO aware of the IFC effort in supporting the country's economic recovery process by helping improve the investment climate, strengthening the financial sector, supporting private participation in infrastructure and financing select private sector companies as well as supporting select private sector agribusiness and mining ventures.
WE HAIL THE IFC because it has also worked closely with various banking institutions including the Central Bank of Liberia (CBL) on a number of initiatives including an ongoing effort to develop financial sector infrastructure knowing that experts at the CBL are keen to ensure that Liberian entrepreneurs can access affordable finance. This is why the financial infrastructure team has been working with the CBL to improve access to finance by creating a credit information sharing system that seeks to support better risk management and facilitate access to credit for good borrowers. We are hailing the IFC because such a mechanism will also reduce bank's risk and ultimately lending cost.