Washington, DC-Henry Saamoi, CBL Executive Governor and Jorge Familiar, Vice President & Treasurer, World Bank.
The Central Bank of Liberia (CBL) has made significant leap in its partnership with the World Bank, having been announced by the World Bank as the newest Reserve Advisory & Management Partnership (RAMP) program member.
The milestone is said to be indicative of Executive Governor Henry Saamoi’s bold reform initiatives and groundbreaking policy measures geared towards repositioning the Bank.
CBL joins RAMP through a World Bank Group multi-donor trust fund to advance public asset management in lower-income, fragile, or conflict-affected states. Representatives from the Central Bank of Liberia and the World Bank signed a technical assistance agreement in Washington, DC, to formalize the partnership.
Announced in late 2023, the trust fund enables RAMP to deliver the World Bank’s public asset management expertise to countries facing barriers to joining.
“We are honored to welcome the Central Bank of Liberia to RAMP,” said Jorge Familiar, World Bank Vice President & Treasurer. “Their joining reflects the growing demand for high-quality asset management support and recognition of the World Bank as the trusted partner for public asset managers. With support from our development partners through the donor-funded trust fund, we can extend RAMP’s benefits to countries where it is needed most.”
In response to the recognition, CBL Governor Henry F. Saamoi who is in Washington, D.C, attending the meeting, said joining the World Bank RAMP is a significant step forward for Liberia.
“This partnership will enhance our capacity to manage public assets effectively, ensuring stability and fostering growth. We are committed to implementing reserve management best practices to benefit the Liberian people,” said Mr. Saamoi.
He is the Bank’s Executive Governor & Chairman of the Board of Governors.
Also, Georgia Wallen who is World Bank Country Manager for Liberia stated that the World Bank is proud to support the Central Bank of Liberia in building institutional capacity and advancing financial resilience.
“This collaboration is a testament to our shared commitment to robust reserve management as a foundation for development,” he said.
The World Bank Reserve Advisory & Management Partnership (RAMP) delivers advisory services, executive training, and asset management services in a global network of public asset managers, contributing to the Sustainable Development Goals of quality education, decent work and economic growth, climate action, strong institutions, and partnerships.
It was established in 2001 to promote countries’ stability, resiliency, and prosperity through public asset management— helping central banks respond to economic shocks, sovereign wealth funds protect intergenerational wealth, and public pension funds ensure future payments.
The World Bank RAMP has also advised over 100 public institutions and trained over 1 0,000 public asset management staff on sound public asset management practices. It advised member countries on asset management since the early 1980s.
Central banks and public asset managers manage over $40 trillion in reserves and assets worldwide, underscoring their importance in the global financial system and the need for high-quality asset management & advisory services.
