In Commemoration of 50th Anniversary, LBDI to Invest In Several Projects

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(L-R) LBDI president Davies.jpg

The chairman of the Board of Directors of the Liberian Bank for Development and Investment (LBDI), Amara Konneh, has disclosed a number of projects the bank is about to undertake in commemoration of its 50th anniversary. Mr. Konneh is also the Minister of Finance and Development Planning.

At a press conference marking the 50th anniversary launching in Monrovia yesterday, Minister Konneh said LBDI will provide a 250 KVA generator to Phebe hospital in Suacoco, a digital medical database machine to the John F. Kennedy Memorial Hospital (JFK) in Monrovia, construct a computer lab on the main campus of the University of Liberia and finance the International Spelling Bee competition in the country where young people can explore their talents.

The digital medical machine, according to Minister Konneh, will be used to record names of patients and all necessary information regarding each patient.

He said the planned gesture to the Liberian people is in consonance with the bank’s corporate social responsibility.

Minister Konneh said LBDI is not just an ordinary bank in the country, but one that affords all Liberians access to finance to enhance development.

He noted that LBDI has done tremendous work for Liberians in the private sector, recalling the funding it provided the rubber sector last year.

Additionally, Minister Konneh said, the bank is a friend to the private sector because of its support to businesses.

The President of LBDI, John B.S. Davies, disclosed that his institution is in the process of installing an ATM machine in Monrovia to ease transfer services, noting that no customers will have to go to a teller for money but will receive funds through the machine.

Activities marking the anniversary celebration will comprise of various activities, thanksgiving service, sports, and intellectual debates, Mr. Davies disclosed.

The intellectual contest will feature Stella Maris Polytechnic University and the African Methodist Episcopal University (AMEU) debating the topic, ‘’Legislating a Bank Account as Pre-requisite for Business Registration,’’ while former LBDI president Mr. Francis A. Dennis and Prof. Wilson K. Tarpeh will discuss the challenges and prospects of ‘’Dual Currency’’ in Liberia.

The LBDI President further noted that members of the Board are to also discuss strategic plans of the bank for the next five years and targeted actions that will impact infrastructure, agriculture and Small Medium Enterprises (SME), and how LBDI can engage the people of Liberia to deliver need regarding access to finance.

Mr. Davies expressed the bank’s commitment to supporting the SMEs and Agriculture sectors, which according to him are the gateways to the country’s economy.

Furthermore, he disclosed that LBDI will improve customer service by studying the prevailing conditions to employ new methods.

One challenge to customer service at LBDI has been the constant breakdown of the bank’s system, which annoys customers most of the time.

“As the bank celebrates its 50th anniversary, we remain strong, more robust and stand to be in the near future the largest bank in the country,” Mr. Davies said.

According to him, the celebration is intended to look at the prospects and challenges, and to devise strategies that will help to address the challenges.

Mr. Davies paid homage to President Ellen Johnson Sirleaf’s leadership role in the country.’’

The press conference at which Mr. Davies and Mr Konneh spoke also brought together Augustine Jarrett, Economic Advisor to President Ellen Johnson Sirleaf and members of the LBDI Board of Directors and staff of the bank.

Mr. Jarrett expressed appreciation to the bank for its valuable services and urged it to continue.

LBDI was founded in 1961 but commenced operations in 1965 as the Liberian Bank for Industrial Development and Investment.

Under an amendment in 1974, the name was changed to the Liberian Bank for Development and Investment.

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