MONROVIA, LIBERIA-The Government of Liberia and its partners have signed an agreement for the line of credit with three financial institutions.

The agreement seeks to make credit facilities available for Small and Medium-Term Enterprises to access.

Speaking at the ceremony on behalf of the Government on Wednesday, May 29, 2024, in Monrovia, the Central Bank of Liberia (CBL) Governor, Aloysius Tarlue, urged the credit institutions to ensure that the money benefit Liberian businesses that need credit boost.

Governor Tarlue said:” By expanding to the rural areas, the project will improve local SMEs and make a telling impact on the economy.”

Financial institutions in the agreement are Afriland Bank, Citi Trust Microfinance, and the Liberia Enterprise Development Finance Company.

Meanwhile, World BanCountry Manager, Georgia Wallen, said: “The project will address underlying factors that have constrained access to finance for Small and Medium Enterprises.

Madam Wallen disclosed that 2.5 Million Dollars in initial funding will made available to the financial institutions to boost SMEs in Liberia.

She described SMEs as the backbone of any economy and as such, supporting them is critical to achieving economic diversification and job creation.

The Line of Credit is part of the broader package of intervention under the World Bank, Liberia InvestmentFinance and Trade project.

By: Williametta Jabbah