On January 4, 2013, the Central Bank of Liberia (CBL) fulfilled its pledge to the Liberian Business Association (LIBA) making available a US$5 million long term credit stimulus package to the association for onward lending to its members. The US$5 million credit stimulus package was initially approved on October 6, 2012, by the Board of Governors of the CBL.
The credit scheme is being implemented by three leading commercial banks namely: Ecobank Liberia Limited (EBLL), International Bank Liberia Limited (IBLL) and First International Bank (FIBLL).
CBL authorities said that the interest rate on the loan is not to exceed 7%. The only requirement given was that one must simply be a member of LIBA.
The CBL Executive Governor said the scheme is intended to improve the climate for enhancing the potential of Liberian entrepreneurs. The US$5 million scheme was the biggest government stimulus package exclusively for Liberian-owned businesses.