MONROVIA, LIBERIA-The World Bank Board has approved a new financing to improve productivity and market access for smallholder farmers and agri-enterprises in Liberia.

The new financing targets sixty-thousand persons, fifty-percent of whom are women; many smallholder farmers and agri-entrepreneurs, who are engaged in the selected value chains.

Funded by the International Development Association (IDA), the fifty-five-million United States Dollars credit financing will seek to address challenges in developing agri-food value chains and pave the way for rural economic transformation in the Country.

The Rural Economic Transformation Project (RETRAP) will use a multi-level approach to strengthen critical institutions responsible for overseeing the development of the agriculture sector, and provide key services for producers and processors.

RETRAP will also build capacity at various stages of the value chain and support investment, with new technologies and practices to increase productivity and ensure resilience to climate change.