Liberia: Afriland First Bank, USAID sign MoU
The MoU comes as a financial instrument to increase farmers’ access to finance.Afriland First Bank Liberia and USAID's Feed the Future Liberian Agribusiness Development Activity (FtF LADA) last Thursday signed MoU to enhance farmers' access to finance in Liberia. During the signing of the MoU at the head office of Afriland in Monrovia, the General Manager of Afriland, Amadou Bayo reaffirmed the organization's commitment to providing financial aid to farmers across the nation. "We are here to provide financial services to the agriculture sector and the Afriland First Bank is proud to work with the LADA in making the work of farmers easier in Liberia," said Bayo. FtF LADA Chief of Party, Mr. Daniel Gies said "currently, there are constraints and challenges with access to finance for a great deal of organizations and individuals engaged in agribusiness, the lack of finance makes it difficult for farmers to pay for good agro-inputs or to repay embedded credit." The MoU comes as a financial instrument for farmers to receive easier access to finance and more relevant loan products; it will also unlock financing opportunities for farmers and increase spread of financial services in Liberia. The Afriland First Bank is a major Liberian commercial bank focused on Small Medium Enterprise (SME) and agricultural lending while FTF LADA is a USAID project focused on increasing the incomes of small holder farmers (SHFs) through private sector investment in agribusiness.