The World Bank has approved a financing package to improve the investment climate, expand sustainable access to finance, and increase the efficiency of trade in Liberia. The Liberia Investment, Finance, and Trade (LIFT) project, financed by the International Development Association (IDA) in the amount of $40 million ($20 million grant and $20 million credit), is the first World Bank financing project in a generation to support Liberia’s private and financial sectors and the first such for the Ministry of Commerce and Industry and the Central Bank of Liberia.
The LIFT project will improve the investment climate, expand sustainable access to finance, and increase the efficiency of trade in Liberia. In doing so, the project is supporting Liberia’s Pro-poor Agenda for Prosperity and Development, in particular, pillar two that focuses on the Economy and Jobs. It has been prepared under the Government’s leadership and in close collaboration with the International Finance Corporation (IFC) and other Donors that are also supporting Liberia’s private and financial sectors.
“The financing package will be critical to supporting the Government’s jobs agenda, as it is through the private sector that Liberia can create more and sustainable jobs,” said Dr. Khwima Nthara, World Bank Country Manager in Liberia. “In particular, building on recent improvements in macroeconomic indicators, the project will support far-reaching structural reforms that will improve the business environment and hence, send a clear message that Liberia is truly open for business,” he added.
This new project will improve Liberia’s investment climate by strengthening institutions providing government to business services covering investment support, business licensing and an international trade single window; and improves capabilities and competitiveness of Small and Medium Enterprises through targeted technical assistance linking them to markets and access to finance, through technical assistance and a Line of Credit. Additionally, the Liberia Investment, Finance and Trade Project seek towards supporting access to digital financial services, through a new National Electronic Payment Switch, and a Credit Reference System.
“The need for increased private sector investment and for SMEs to have access to markets and finance is very critical,” said Task Team Leaders Thomas Vis and Kiyotaka Tanaka. “Therefore, this LIFT Project will seek to capitalize on emerging national, regional and international trade opportunities and the existence and potential of Foreign Direct Investment in Liberia, to offer a combination of technical assistance and finance to support SMEs to access markets, improve capabilities, and increase productivity” they added.Distributed by APO Group on behalf of The World Bank Group.
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.