Monrovia -The Government of Liberia (GoL), through the Ministry of Commerce and Industry and in collaboration with the Central Bank of Liberia (CBL), has officially launched Phase II of the Micro, Small and Medium Enterprises (MSME) Line of Credit under the Liberia Investment Finance and Trade (LIFT) Project.
By Emmanuel Weedee-Conway
The signing ceremony, which was held at the CBL, now paves the way for the immediate rollout of Phase II of the LOC under the Liberia Finance Investment and Trade Project (LIFT-P).
Official signing of the credit will ensure the disbursement an additional US$3.5 million to participating financial institutions for onward lending to Liberian-owned businesses.
Speaking at the signing ceremony, which was graced by scores of international development partners, the Minister of Commerce and Industry, Madam Magdalene Ellen Dagoseh praised the partnership between the Ministry, the Central Bank, the World Bank, and Liberia’s financial institutions.
Minister Dagoseh described the initiative as a major step toward empowering local businesses, diversifying the economy, and creating jobs.
Minister Dagoseh extolled CBL Executive Governor Henry F. Saamoi and his team for their steadfast commitment to the program, while also recognizing the contributions of the World Bank and the LIFT Project Steering Committee for their technical and financial support.
“In late 2024, we disbursed US$2.5 million through three financial institutions,” she stated. Today, we are pleased to announce an additional US$3.5 million to seven participating financial institutions, who will now serve our Liberian entrepreneurs under this second phase,” announced Minister Dagoseh.
While acknowledging ongoing challenges in loan disbursement and repayment in the country, she emphasized that the Steering Committee, under the Ministry’s leadership, is proactively engaging stakeholders to address them.
Highlighting lessons learned from Phase I, the Minister further announced the inclusion of Liberian-owned microfinance institutions (MFIs) in Phase II, to ensure access to credit reaches all corners of the country.
She further urged that financial institutions participating in the program prioritize growth-oriented sectors, such as light manufacturing and agro-processing, noting, “We cannot build an economy based solely on trade and commerce. We must support sectors that create jobs and add value.”
Dagoseh used the platform to educate the public on the broader objectives of the LIFT Project, a five-year Government and World Bank-funded initiative.
According to her, the project seeks to improve Liberia’s investment climate, expand access to sustainable finance, enhance trade efficiency, and strengthen the country’s digital financial infrastructure.
Minister Dagoseh assured financial institutions of the government’s commitment to creating a robust and investor-friendly environment. She revealed ongoing discussions with the Supreme Court to digitize the Commercial Court and train judges to expedite commercial disputes.
“As part of President Joseph Boakai’s ARREST Agenda, we will not disappoint the Liberian people,” she said. We are determined to implement both the LIFT Project and the newly launched YEIB Project supported by the African Development Bank.”
In a final note to MSMEs, Minister Dagoseh urged responsible borrowing and repayment.
“To our SMEs—develop the same courage to repay as you did to borrow,” she stated.
In remarks, the Executive Governor of the CBL, Henry F. Saamoi, described the program as a transformative journey to economic growth and development for Liberia.
He said the CBL, as the regulatory body, will play a critical oversight role in collaboration with the Liberia Business Association (LIBA) in ensuring the transparent and effective implementation of the LOC.
Governor Saamoi also emphasized the central bank’s commitment to safeguarding the integrity of the program and promoting responsible lending practices amongst the PFIs, adding that he is confident that said partnership will not only facilitate economic growth but also foster financial inclusion and stability.”
Also speaking at the occasion, World Bank Liberia Country Manager, Madam Georgia Wallen, pledged the Bank’s continued technical and financial support to expand access to financing for the country’s micro, small, and medium enterprises (MSMEs).
She said the launch as is another step in strengthening Liberia’s financial system and emphasized its alignment with Liberia’s Vision 2030 and the Boakai administration’s ARREST Agenda for Inclusive Development (AAID).
According to her, Phase I of the project was a promising start, with nearly 100 MSMEs accessing financing, more than half of which were women-led businesses. Nearly 50% of the beneficiaries were also located outside Montserrado County, showing an encouraging reach into rural Liberia.
Building on that momentum, she asserted that Phase II will expand into critical sectors such as agriculture, agro-processing, healthcare services, education, and light manufacturing. The new phase also focuses on enabling longer-term, investment-oriented financing to deepen economic impact.
She then thanked the Liberian government, particularly the Ministry of Commerce and Industry and the Central Bank, for their steadfast commitment, while also recognizing the new and returning financial institutions participating in this phase. She stressed the importance of shared ownership and mutual accountability among all stakeholders for continued success.
Accordingly, the eligible MSMEs can access financing through the following participating financial institutions: Afriland First Bank Liberia Limited (AFBLL), Citi Trust Microfinance Company Liberian Enterprise Development Finance Company (LEDFC), Fearless Women Microfinance, Diaconia Microfinance Deposit-Taking Institution (DMDI), Business Link Microfinance and Right Bank Partners.
These institutions have been approved by the National Project Steering Committee of the LIFT Project with the endorsement of the World Bank. The LIFT Project seeks to strengthen Liberia’s private and financial sectors by channeling long-term capital through competitively selected private financial institutions for on-lending to MSMEs, thereby fostering trade, investment, and broad-based economic growth.
Applications by MSME sub-borrowers for the LOC is on-going at the seven (7) PFIs.
The maximum loan amount per MSME sub-borrower is capped at US$100,000 for banks. For non-bank financial institutions (NBFIs), maximum lending limits are set at 7% of their capital. The LOC will finance eligible sub-loan portfolios approved by the credit committees of the PFIs.
The facility prioritizes Liberian-owned businesses, particularly women-owned and women-led enterprises, and encourages applications from SMEs engaged in light manufacturing, processing, and innovative sectors beyond trade and commerce.
As a revolving fund, the LOC requires timely repayment to ensure the program’s continuity. Credit appraisal and loan decisions remain the responsibility of the participating financial institutions. The CBL, as the Apex Body, and the MOCI Project Implementation Unit (PIU) will oversee the facility’s implementation in alignment with approved policies and procedures.
