Liberia: World Bank invests $7.5m to support SMEs and farmers

Dec 05, 2014

The World Bank has granted a $7.5 million (€6.1 million) loan to Liberia in a bid to support small and medium-sized enterprises (SMEs), local entrepreneurs and farmers.

On Tuesday (December 2nd), World Bank president Dr. Jim Yong Kim said the institution was concerned that agricultural production here has dropped as a result of the Ebola epidemic, and that it would help Liberian farmers recover from the crisis, The New Dawn reports.

"We must make sure that the Ebola epidemic is not followed by a food security crisis," he said, adding that $200 million dollars has been provided to Liberia for the Ebola crisis, and the bank will continue to support President Sirleaf's "ambitious" plan to get to zero cases as soon as possible.

He explained the bank will help improve selected infrastructure that is critical for economic competitiveness, such as urban infrastructure, access to electricity and the construction of roads and bridges that connect farmers to markets.

"We need to help Liberians create jobs to help people recover from income losses as a result of the economic slowdown caused by the epidemic," he added.

The central bank revealed in November that the growth in credits to various sectors of the economy during the third quarter expanded by 6.3 per cent to over L$30 billion (€261.2 million), compared with 4.1
per cent
during the previous quarter.

Year-on-year comparison revealed that the volume of credit grew by 30.5 per cent, mainly in the construction, transport, storage, communications and the agriculture