Liberia: President Weah Launches US$3 Million Microfinance Loan for Small Businesses

MONROVIA – President George Weah says he will without fear or favor use Liberian money to develop the country and its people. He made the comments Wednesday, December 19, 2018 when he launched a three million United States dollars microfinance loan scheme for small businesses.

Report by Henry Karmo, [email protected]

President Weah through the Liberia Bank for Development and Investment (LBDDI) announced that giving microfinance loans to small Liberian businesses across the country at a very low interest payback rate of 6% and flexible collateral and an extended payback time is something that is close to his heart.

“This loan program is one that is close to my heart. As President of Liberia, I will work to ensure that Liberian owned businesses will not be marginalized. I promise that my government will prioritize the interest of local businesses because my desire is to support local businesses from the sidewalk to stores.”

President Weah also encouraged local businesses to benefit from the loan to payback on time to enable them take more loans. 

Also making remarks, Minister Wilson Tarpeh of the Ministry of Commerce and Industry said, the launch of the microfinance loan scheme is a fulfillment of a promise made by the President to support local Liberian businesses and expressed hope that the government brings in more money to the project.

For his part, Mr. John B. Davis President Liberia Bank for Development and Investment said, the launch of the loan scheme demonstrates the sowing of seed of partnership between the Bank and the Government of Liberia to ensure small businesses receive the necessary support to grow and expand.

The loan, according to the Bank’s president, will impact the small businesses in Liberia in the area of trade, service, agriculture and transport, amongst others.