The African Development Bank (AfDB) and AccessBank Liberia Ltd (ABL) have signed a technical assistance partnership agreement.
The partnership is aimed at enhancing ABL’s capacity to reach Liberian Micro, Small and Medium Enterprises (MSMEs).
Speaking at the signing ceremony held in Monrovia Thursday, AfDB Resident Representative to Liberia, Margaret Kilo, said while there are around 10,000 formally registered SMEs operating in Liberia, many businesses continue to operate informally to whom the partnership agreement is gear towards.
The grant is a support from the Fund for Africa Private Sector Assistance (FAPA).
She noted that Liberia’s MSMEs face a number of constraints to profitability and growth, including a lack of access to finance, adding: “Without such finance, these firms face significant difficulties to expand and enhance their operations.”
Kilo indicated that the Ebola crisis exacerbated the challenges faced by Liberian MSMEs, and expressed optimism that the FAPA grant will help reinvigorate the sector while also increasing the capacity of the SME sector to provide services to the government and concessions sectors.
The acting CEO of AccessBank Liberia, Dusko Dimitrov, said AccessBank Liberia would like to extend its “deepest gratitude” for AfDB’s ongoing support of the bank and the MSME sector in Liberia.
He promised to make maximum utilization of the support, noting: “The Bank will use this grant to extend its outreach as the only dedicated MSME lender in the country.