President George Manneh Weah has launched a major finance and trade project geared towards improving Liberia’s investment climate.

The project, which the Ministry of Commerce and Industry is implementing, is also crucial for job creation and the economic empowerment of the Liberian people. One of Liberia's outstanding partners, the World Bank, funds the US$40 million project. Officially launching the project, Weah said it was a further demonstration of his Government’s commitment to making groundbreaking reforms across all sectors of the economy, with support from donors and development partners.

“I believe this support continues to be given more frequently and in greater magnitudes, because my administration continues to exhibit fiscal discipline and financial prudence in implementing these projects,” the President said at the March 7 launch.

Weah said he believes that this support will continue to be given more frequently, and in greater magnitudes, because his administration continues to exhibit fiscal discipline and financial prudence in the implementation of these projects. 

“Today, we once again demonstrate my Government’s commitment to making groundbreaking reforms across all sectors of our economy, as we continue to receive the necessary support from donors and development partners,” Weah said.

He said his administration will monitor the extent to which activities are contributing towards closing gender gaps by measuring, among other things, including the number of women-led Small and Medium Enterprises (SME’s) who will get trained under the program and the number of women-led SMEs that will get a loan through this project; and the number of National Single Window users who are women.

“To assist with the facilitation of private investment, trade, and access to finance, I am told that the Project will support activities organized under three complementary components including Investment Climate and Trade, SME Access to Markets and Finance, and Digital Financial Services infrastructure. There will also be a fourth component for project management, monitoring, and evaluation, as well as contingency emergency response,” he said. 

Weah said with the procurement of a new digital platform for the Liberia Business Registry under this Project, he is informed that the challenges faced with the registration of businesses and renewal of certificates will soon be over, as new businesses will now be able to be registered within a matter of hours, something that currently takes weeks to complete.  

He said this should considerably enhance the ease-of-doing-business index for Liberia and the LIFT-P project will support the National Single Window and the provision of a National Electronic Payment Switch. 

“These new trading platforms will allow you to transact your business online, even if you are in your village or out of this country, and make instant payments between banks. We promised the Liberian people that they will not be mere spectators within their own economy, and we knew that we would have to create the enabling environment to enable them to contribute meaningfully and participate fully in every aspect of business, trade, and commerce,” he stated.

He added that he will continue to provide the necessary political support, “so that we create an environment that is so conducive for investment, trade, and commerce, that a clear message can be sent to the World that Liberia is open for exciting and profitable business opportunities for Liberians and foreigners alike.”

The World Bank Country Manager for Liberia, Dr. Khwima Nthara, described the project as one that promises to transform the lives of ordinary Liberians in so many ways, including improving the business environment for the private sector in order to create jobs for millions of people, which is at the heart of pro-poor agenda for prosperity and development (PAPD). 

“We know that while the Government does employ people, the best way to create more and sustainable jobs is through the private sector, be it through large, small, or medium enterprises. But the private sector can only flourish if a conducive environment is in place,” Nthara said.

He lauded the Government for the significant progress that has been made in stabilizing the macro-economy over the past four years. “The private sector does not like a volatile macroeconomic environment where inflation is high or the exchange rate is unstable,” he noted.

He said the Government will create a one-stop-shop for business registration and licensing and automate the process so that it becomes easy to start a business in Liberia through the LIFT project, and will simplify and automate the process of exporting and importing goods by creating a National Single Window for Trade.

Nthara said through the LIFT project, the Government will establish a new National Electronic Payments Switch system that will connect and improve the efficiency of various elements of the financial system, including commercial banks, micro-finance banks, and mobile money agents.

Also present at Tuesday’s program were the Minister of Finance and Development Planning, Samuel D. Tweah, Jr.; Minister of Commerce and Industry, Mawine G. Diggs; Executive Governor, Central Bank of Liberia, J. Aloysius Tarlue; a representative of the Liberia Chamber of Commerce; the president of the Liberia Business Association; the president of the Liberia Bankers Association; as well as the Liberia Marketing Association and other members of the private sector.