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 banking operations.
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 to come.”
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.
About IFC
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
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