Liberia: AfDB and Access Bank partner to improve MSMEs' access to finance
The partnership agreement is geared towards informal businesses.The African Development Bank (AfDB) has signed a technical assistance partnership agreement with AccessBank Liberia Ltd (ABL) to enhance the bank's capacity to reach Liberian micro, small and medium-sized enterprises (MSMEs).
It is supported by a grant from the Fund for Africa Private Sector Assistance (FAPA).
AfDB Resident Representative to Liberia, Margaret Kilo, said while there are around 10,000 formally registered SMEs operating in Liberia, many continue to operate informally. She added that the agreement is geared towards those informal businesses.
Mrs. Kilo noted that Liberia's MSMEs face a number of constraints to profitability and growth -
including a lack of access to finance - adding that the Ebola crisis exacerbated those challenges.
"Without finance, these firms face significant difficulties to expand and enhance their operations, which would allow them to employ more individuals and contribute towards Liberia’s development and growth," she concluded.