The Government of Liberia through the Ministry of Finance and Development Planning (MFDP) is expected to infuse the amount of US$4 million in the economy by giving out loans to over 3000 local (indigenous) Micro, Small and Medium Enterprises (MSMEs).
The fund, which was secured from the World Bank, is aimed at beefing up the financial portfolio and entrepreneurial capacity of local business people.
Finance Minister Samuel D. Tweah has emphasized the need for Liberians to be key actors in their economy as was said by President George Weah during his inaugural address.
Tweah identified MSMEs as the bedrock to resuscitate the ailing Liberia economy and is designing several national programs to support small business initiatives.
It can be recalled that, the MFDP last week begin a week-long training for MSMEs entrepreneurs who are earmarked to benefit from the loan scheme.
Tweah believes when entrepreneurs are provided with requisite entrepreneurial skills, and guidance they will utilize the funds properly.
He acknowledges that many Liberians are into business but lack the technical know-how to run a business and that is why Liberian owned businesses are not doing well.
The project intends to amalgamate banking institutions, government development partners, and business owners to discuss obstacles and opportunities in helping MSMEs to gain access to domestic financing.
It is projected that the Project benefits will include the stimulation of economic growth, diversification of the economy particularly in rural areas and the creation or sustaining of over 2000 jobs.
The Project will provide Partial Credit Guarantees (PCGs) and lines of credits for on-lending to Participating Financial Institutions (PFIs) to support MSME sub-loans to eligible MSMEs particularly in agriculture, ago-processing and manufacturing sectors for the carrying out of sub – projects.
Participant James K. Ndebeh, who is the proprietor of James Business Center expressed gratitude to be one of participants of the training.
Mr. Ndebeh operates an agri-business which produces pepper, cabbage and other vegetables; he sometimes travels to Guinea to purchase livestock.
“The continuous capacity building of marketers will help a lot; it is not so much about the money given by government but providing professional mentoring platform for business owners is cardinal to their entrepreneurial journey,” he noted.
Mrs. Gertrude M. Anderson, General Manager at organization for Clean Environment and Neighborhood Services, also expressed her gratefulness to be at the workshop and appreciates the government for such initiative. Mrs. Anderson runs a waste management business at MACOBENE Community.