- Search Results
 
 
IFC Supports GT Bank Liberia to Boost Liquidity and Trade in Liberia
Date Uploaded: Dec 09, 2014

Dan Orogun, Managing Director, GT Bank Liberia

 

 

 

IFC Supports GT Bank Liberia to Boost Liquidity and Trade in Liberia

MONROVIA, December 8 (LINA)-IFC, a member of the World Bank Group, has announced an agreement with GT Bank Liberia to provide a US$7.5 million liquidity facility.

The facility will support the importation of basic goods, including energy, food and agricultural commodities, and other manufacturing goods that will help strengthen the economy following the Ebola crisis.

According to a World Bank press release, the Ebola Emergency Liquidity Facility is a rapid response facility that combines working capital and trade support, to provide US dollar liquidity that will finance import of basic goods in Liberia.

This IFC initiative is part of the World Bank Group’s broad effort to provide support during the Ebola epidemic and prepare for economic recovery in countries most affected by the crisis.

“As the Ebola crisis continues, trade and business activity is declining and so we are facing increased liquidity risks,” said Dan Orogun, Managing Director, GT Bank Liberia, adding “IFC, our long term partner, is demonstrating its commitment to development through this timely liquidity facility. Together we hope to ease the pressure on the economy, and give Liberia a hope for recovery.”

The primary cost of this tragic outbreak is in human lives and suffering-but the crisis also is wiping out hard-earned development gains in the affected countries, and will worsen already entrenched poverty.  Trade has come to a near standstill and most investment is on hold, the release added.

A World Bank Group report earlier this month issued an economic update showing the Ebola crisis continues to cripple the economies of Guinea, Liberia and Sierra Leone, sharply downgrading growth estimates for 2014 and likely resulting in negative or contracting growth next year.

“Much international and local effort is being channeled towards containing the virus, and IFC is working to bring liquidity that will support businesses through this crisis, and contribute to economic recovery” said Frank Ajilore, IFC Country Representative for Liberia, “The liquidity facility will give a boost to declining trade and

improve business activities that will support the recovery of the Liberian economy.”

The World Bank Group is mobilizing nearly US$1 billion in financing for the three countries hardest hit by the Ebola crisis. This includes US$518 million for the emergency response.

The funding is helping Guinea, Liberia and Sierra Leone provide treatment and care, contain and prevent the spread of infections, help communities cope with the economic impact of the crisis, and improve

public health systems.

IFC aims to deliver at least US$450 million in commercial financing that will enable trade, investment and employment in Guinea, Liberia and Sierra Leone.

LINA

 

latest headlines
CSA Honors Two For Diligent Performance
The Civil Service Agency (CSA) has honored Mr. Roland D. Kallon of the Agency and Mr. John T. Davies of the Ministry of Justice for excellent and ...more
Grand Mufti Warns Against Divisive Campaigning During Election
The Grand Mufti of Liberia, Abubaker Sumaworo, has warned Liberians against divisive campaigning in the upcoming election. ...more
Bong Citizens Honor Pres. Sirleaf for Leadership, Peace, Stability
Citizens of Bong County have honored President Ellen Johnson Sirleaf for her “exceptional leadership, commitment to peace, development and stab ...more
Liberia Backs Kuwait’s Peace Initiatives In Middle East
The Government of Liberia has said it welcomes the efforts of His Highness, the Amir of the State of Kuwait, Sheikh Sabah Al-Ahmad Al-Jaber Al-Sa ...more
Pres. Sirleaf Congratulates Djibouti On 40th Independence Day
President Ellen Johnson Sirleaf has sent a congratulatory message to her colleague, the President of the Republic of Djibouti, Mr. Ismail Omar Gu ...more
Ellen Lives Up To Promises Made During Nationwide Tour
President Ellen Johnson Sirleaf has fulfilled several promises made to institutions and individuals during her recent nationwide county tour. ...more
 
All rights reserved © 2013 - 2014
Liberia News Agency