— Expands Small Business Financing
Monrovia: At the launch of Phase 2 of the Liberia Investment, Finance and Trade (LIFT) Project, World Bank Liberia Country Manager Georgia Wallen framed the initiative as a crucial driver of economic transformation. Speaking at the Central Bank of Liberia on Thursday, Wallen declared that access to finance should never prevent Liberian entrepreneurs from building better futures, positioning the expanded credit line as both an economic necessity and moral imperative for national development.
Wallen revealed that Phase 1 of the program had achieved remarkable results that challenged conventional wisdom about small business lending in Liberia, with repayment rates exceeding 95% and demonstrating that Liberian entrepreneurs could thrive when given proper support structures. She shared success stories including a Gbarnga woman who transformed a $5,000 loan into a thriving agro-processing business employing 12 local workers, illustrating the program’s tangible impacts.
The World Bank official outlined three strategic enhancements for Phase 2 that would build on these successes, beginning with sector deepening through specialized loan products tailored for agriculture value chains and light manufacturing. The second key improvement involves geographic expansion via mobile banking partnerships designed to reach rural entrepreneurs who have traditionally faced barriers accessing financial services. Thirdly, the program will incorporate climate resilience incentives to encourage businesses adopting sustainable practices.
Wallen emphasized that this initiative represents far more than charity, explaining how it creates a virtuous economic cycle where repaid loans generate opportunities for additional entrepreneurs. She stressed that the program’s design proves financial inclusion can achieve both social transformation and commercial sustainability, challenging financial institutions to reconsider their perceptions of risk in the Liberian market.
The Country Manager’s remarks highlighted how Phase 1 results have already begun shifting banking sector attitudes toward small business lending in Liberia, with participating financial institutions reporting unexpectedly strong performance from their micro and small enterprise portfolios. This success, Wallen noted, provides a replicable model for how targeted support and appropriate financial products can unlock the potential of Liberian entrepreneurs across various sectors.
Looking ahead, Wallen expressed confidence that Phase 2’s enhancements would further demonstrate how strategic financing can serve as a catalyst for broader economic development, particularly for women and youth entrepreneurs who face the greatest barriers to accessing capital. She concluded by framing the LIFT Project as part of a larger vision for building a more inclusive and resilient Liberian economy where financial services effectively meet the needs of all productive citizens.
