World Bank Group member IFC will provide specialized advisory services to the Liberian Bank for Development and Investment (LBDI) to develop scalable and sustainable agrifinance and support small and medium enterprises (SMEs) banking operations.
The services will strengthen the bank’s risk management processes and tools; improve its customer value propositions including systems and products; and build the capacity of staff working on agribusiness and SME lending.
“Agribusiness and SME access to finance are key drivers for economic growth and development in emerging economies such as Liberia,” said Riadh Naouar, IFC Head of Advisory Services for Financial Institutions Group in Sub-Saharan Africa while reaffirming IFC’s commitment to supporting initiatives in these sectors.
LBDI works to promote the creation and expansion of small, medium and large businesses including in key sectors such as agriculture. It aims to encourage inclusive economic growth in Liberia by expanding financial services opportunities in the country.
John Davies, Chief Executive Officer of LBDI noted that the bank originally created by the Liberian government 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,” he added.
The IFC support will also help LBDI expand its services to these key segments and promote access to finance opportunities in Liberia.