Liberia: IFC, NIC advocate for MSMEs financing

Nov 01, 2016

The advocacy is to increase availability of funds for MSMEs

The International Finance Corporation (IFC) in partnership with Liberia's National Investment Commission (NIC) have advocated for increased access to finance for Micro, Small and Medium Enterprises (MSMEs) to spur economic growth. Speaking at a one-day symposium designed to enhance the finance leasing sector to make funds available to MSMEs held in Monrovia, Liberia's Vice President, Joseph Nyumah Boakai said the platform is a first
step taken by the Liberian government through NIC to make finance leasing operational in Liberia. Mr. Joseph who described the private sector as Liberia's engine of growth said, "As we promote growth, we are mindful that growth is inclusive. With finance leasing, both the Foreign Direct Investment and the domestic private sector will enjoy inclusive growth." Following Liberia's prolonged political strife
which ended in 2003 and the Ebola outbreak, formal financial access support to MSMEs'
almost ceased, however with coordinated support from IFC, the Liberia government and other development organizations, MSMEs are gaining the support they need to grow. Today, Liberia receives support from IFC's Conflict Affected States in Africa Initiative, which promotes private sector growth, job creation, and increased investment in countries recovering from conflict.