CAPITOL HILL, Monrovia -- The Liberian Senate has unanimously passed legislation to establish the Agriculture Enterprise Development Bank of Liberia, a specialized lender intended to expand access to affordable credit for farmers, cooperatives, agribusinesses, and agro-processors long excluded from conventional banking.
The bill, approved Thursday, Dec. 18, now awaits concurrence by the House of Representatives and final approval by the president before it can take effect.
The measure followed recommendations from a joint Senate committee comprising Banking and Currency; Agriculture, Fisheries and Forestry; and Judiciary, Human Rights, Claims and Petitions. It was sponsored by Lofa County Senator Joseph Jallah, who chairs the joint committee.
Pivot Toward Agriculture-Led Growth
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Speaking to legislative reporters at Capitol Hill, Sen. Jallah said the proposal originated with the Ministry of Agriculture and signals a strategic shift toward agriculture-led economic growth.
"This is more than the creation of a new bank," Sen. Jallah said. "It is a national commitment to place agriculture -- our largest employer and the backbone of rural livelihoods -- at the center of Liberia's development agenda."
For decades, he said, farmers and agribusinesses have struggled to access affordable financing because traditional banking models are poorly suited to agriculture's realities.
"Long production cycles, climate risks, limited collateral, and seasonal incomes have constrained productivity and value addition," Sen. Jallah said. "The result has been vast untapped rural potential. This bank is designed to change that."
Tailored Lending, Oversight Built In
Under the legislation, the new bank will offer loan products aligned with agricultural seasons, alongside technical assistance, extension support, insurance facilitation, and market linkages to strengthen farm and agribusiness viability.
Sen. Jallah said the law establishes strict governance and accountability safeguards, including a professional board of directors, prudential supervision by the Central Bank of Liberia, fiscal oversight by the Ministry of Finance and Development Planning, and mandatory public reporting and audits.
"These safeguards are intended to ensure transparency, integrity, and sustainability, while protecting public resources and delivering real development impact," he said.
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Jobs, Food Security, Resilience
Lawmakers say the bank could expand access to finance for thousands of smallholder farmers and rural enterprises through phased implementation and partnerships with government agencies, financial institutions, farmer groups, and development partners.
They argue the initiative will help raise agricultural productivity, strengthen national food security, increase household incomes, create jobs -- particularly for women and youth -- and promote climate-smart and environmentally sustainable farming practices.
Sen. Jallah described the bill's passage as a starting point rather than a conclusion.
"Success will depend on disciplined implementation, strong partnerships, and constant public accountability," he said. "When farmers succeed, the nation succeeds."
He thanked his Senate colleagues and Senate President Pro Tempore Nyonblee Karnga-Lawrence for advancing the legislation and expressed confidence that the House will concur and the president will sign the bill into law.
