French Finance and Development institution PROPARCO has unleashed US$7 million into the Liberian economy to assist financial and non-financial instructions through a long term loan scheme.
PROPARCO yesterday signed the agreement with Guaranty Trust Bank (Liberia) Limited in Monrovia to allow the local bank take charge and control the loan scheme in an effort to support private sector investment.
At the signing ceremony GTBank managing director Mr. Dan Orogun disclosed that the loan will allow his bank to finance the development of its credit portfolio and extend the maturity of financing to Liberia businesses.
As funding is only available on very short term basis, Mr. Orogun indicated that the private sector is now opportuned to seek funding to support a vibrant long term arrangement that would boost locals’ capacity.
“In a context of economic growth and multiple financing needs, it will help boost growth of the country’s private sector and support macro-economic development. The signing of this agreement marks a strategic partnership that has attracted external funding aimed at strengthening the country’s private sector through the financing of medium to long-term investment projects which we believe will have significant impact on the economic growth of Liberia,” the GTBank’s executive maintained.
Mr. Orogun then assured the public of the bank’s capacity to adequately deal with such financial transaction, adding; “With total assets of US$75 million, growing business network and a range of cutting-edge banking products and service, GTBank Liberia has become a well-trusted brand.”
The loan agreement has a life span of six years and will target the entire private sector in keeping with Central Bank regulations.
For his part, PROPARCO regional representative for West Africa Mr. Julien Lefilleur described the agreement as the international community expression of “confidence in the Liberian economy