Monrovia, Liberia, September 12, 2017—IFC,
a member of the World Bank Group, today announced an advisory services
agreement with the Liberian Bank for Development and Investment to develop
scalable and sustainable agrifinance and support small and medium enterprises
IFC will provide specialized advisory services
to strengthen LBDI’s risk management processes and tools, with a focus
on agribusiness and SME lending. The advisory services will improve the
bank’s customer value propositions including systems and products while
also building the capacity of LBDI’s staff working on agribusiness and
SME lending. IFC support will help LBDI to expand its services to
these key segments in Liberia and promote more access to finance opportunities
in the country.
LBDI, which was originally created by the
government of Liberia, is working to promote the creation and expansion
of small, medium and large businesses including in key sectors such as
agriculture. The bank aims to encourage inclusive economic growth in Liberia
by expanding financial services opportunities in the country.
Mr. John Davies, LBDI CEO said, “LBDI has
been committed to enhancing economic growth in Liberia for over four decades.
Partnering with IFC will help us to strengthen our offerings and risk management
practices, which will boost our effectiveness significantly.”
Riadh Naouar, IFC Head of Advisory Services
for Financial Institutions Group in Sub-Saharan Africa said, “Agribusiness
and SME access to finance are key drivers for economic growth and development
in emerging economies such as Liberia. IFC is committed to supporting initiatives
in these sectors that will help the country realize its promise in years
Robust risk management is essential in day-to-day
operations. At the individual bank level, risk management capacity determines
a bank’s probability of survival in a difficult environment. IFC works
to strengthen financial institutions’ risk management capacity and frameworks,
while helping to support small and medium enterprises in the agricultural
sector to access sustainable and responsible financial services.
IFC, a member of the World Bank Group,
is the largest global development institution focused on the private sector
in emerging markets. Working with more than 2,000 businesses worldwide,
we use our capital, expertise, and influence to create markets and opportunities
in the toughest areas of the world. In FY17, we delivered a record $19.3
billion in long-term financing for developing countries, leveraging the
power of the private sector to help end poverty and boost shared prosperity.
For more information, visit www.ifc.org