The Liberian Bank for Development and Investment (LBDI) has been rated among 18 development financial institutions in Africa as the “Best Performance” Development Finance Institute (DFI) in West Africa. Continent-wide, LBDI came fifth.
At an impressive ceremony last week in Abidjan, La Cote d’Ivoire, during the Annual General Meeting of the African Development Bank (ADB), the Association of African Development Finance Institutions (AADFI) rated LBDI fifth in Africa and first among all development banking institutions in West Africa.
The AADFI rating system is designed to assist Development Finance Institutions which have membership in the organization to rate themselves in the three areas of Governance Guidelines, Financial Prudential Standards and Operational Guidelines.
Making the disclosure to the Daily Observer Business Desk yesterday at his 9th Street office in Monrovia, the president and chief executive officer (CEO) of LBDI, John B.S. Davies, III, disclosed that the bank scored 73% in Governance, 49% in financial management and 60% in operational, giving LBDI a total rating of 90%, rating it A+.
“This award is significant because it signifies and symbolizes the substantial progress that the bank has made in aligning the mission and the vision of the bank with the development needs of the people of Liberia,” Mr. Davies told the Daily Observer.
According to him, the award was based on a decision made in Kuala Lumpur, Malaysia in November of last year when members of the organization (the AADFI) decided the place of LBDI in the awards.
“It may interest you to know that when you look at our portfolio over the best part of the last four years, you will see that our portfolio has significantly been geared towards development, business, manufacturing, road construction and other infrastructural development, and mortgage financing for affordability of homes and commercial premises of Liberians or SMEs (small medium enterprises) intervention,” Mr. Davies stated.
“And so, the fact that we were recognized by Africa’s premier development finance body (AADFI) tells us that we are on the right track and on the right course, and the bank will continue to pursue that goal. We must also acknowledge the fact that several stakeholders in the country work with us to deliver these results, which made it possible today for the bank to be recognized in such a manner, Mr. Davies asserted.
The LBDI president and CEO, who celebrated his 42 birthday yesterday, recognized President Ellen Johnson Sirleaf for her vision and foresight that created an enabling environment for the bank to step up and work towards delivering the needs of the Liberian people.
He then acknowledged the Central Bank of Liberia Governor, Dr. J. Mills Jones, the CBL’s Department of Banking Regulations and Supervision and Department of Banking Operations, which worked with the LBDI team, especially in the regulatory perspective in achieving the vision for the development of Liberia’s economy.
Mr. Davies concluded by thanking the chairman and members of the LBDI Board of Directors for ensuring that the mission and strategic planning of the bank remain on course and is properly aligned to the development agenda of Liberia, especially as it relates to the Agenda for Transformation (AfT).
The 18 best financial institutions which won awards included: East African Development Bank in Uganda, with score of 96%, rated AA; Eastern and Southern African Trade and Development Bank, Kenya, 94%, rated AA; African Export and Import Bank, Egypt with score of 94%, rated AA; Banque Nationale pour le Développement Economique, Burudi, with score of 92%, rated AA; the Liberian Bank for Development and Investment (LBDI) with score of 90%, rated A+; Rwanda Development Bank, with score of 90%, rated A+; Development Bank of Namibia, with score of 89%, rated A+.
Others are: Banque de l’Habitat de Côte d’Ivoire, with score of 89%, rated A+; Swaziland Development & Savings Bank with score of 87%, rated A+; Agricultural Development Bank, Ghana with score of 86%, rated A+; Swaziland Development Finance Corporation with score of 86%, rated A+; EximGuaranty Co. Ltd of Ghana, with score of 86%, rated A+; Nigerian Export-Import Bank, with score of 83% percent, rated A+; Botswana Savings Bank, with score of 82%, rated A; Citizen Entrepreneurial Development Agency, Botswana, with score of 82%, rated A; ECOWAS Bank/Groupe de la Banque d’Investissement et de Développement de la Togo, with score of 81%, rated A; TIB Development Bank Ltd, Tanzania, with score of 80%, rated A; and the Uganda Development Bank Ltd, Uganda, with score of 80%, rated A.