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OPIC and International Bank Liberia Limited Sign Commitment to Support
Date Uploaded: Jul 29, 2016

OPIC President and Chief Executive Officer Elizabeth L. Littlefield 
 

 

OPIC and International Bank Liberia Limited Sign Commitment to Support
Lending in Key Sectors

MONROVIA, July 27 (LINA)-The Overseas Private Investment Corporation, the U.S. Government’s development finance institution, have signed a commitment letter for a $20 million direct loan to International Bank Liberia Limited (IBLL).

According to a press release, the letter is a direct loan to support lending in several critical sectors of Liberia including construction,
services, manufacturing, agribusiness, hospitality, and transportation.

The loan further seeks to foster jobs and opportunities by supporting investments in key economic areas and increasing-long term lending to
the Liberian private sector.

OPIC President and Chief Executive Officer Elizabeth L. Littlefield signed the commitment letter alongside IBLL Chief Executive Officer
Henry Saamoi and Pan African Capital Group and LLC Chief Executive Officer Stephen D. Cashin.

In remarks at the signing ceremony, OPIC President and Chief Executive Officer Elizabeth L. Littlefield said: “We are pleased to be working
with IBLL on this facility.The OPIC facility will allow IBLL to address a gap in the marketplace by providing clients in the road infrastructure construction sector, manufacturing sector, agribusiness sector, and other industries with long-term credit facilities which will enable those clients to significantly contribute to Liberia’s economic recovery.”

Also in remarks at the ceremony, Pan African Capital Group Founder and Chief Executive Officer Stephen D. Cashin said: “We are excited and proud to be working with OPIC on this loan facility and appreciate the confidence OPIC has in IBLL; one of the strongest and most profitable commercial banks in Liberia. With its young, energetic, and committed Liberian management team, IBLL will continue to grow as one of the leading financial institutions in the country.”

For his part, IBLL Chief Executive Officer Henry F. Saamoi said: “We are proud of where we have come from as a bank, surviving the trials
and tribulations brought upon the country as a result of the civil crisis and followed by the scourge of the Ebola Virus Disease. We are
also proud of the young and energetic management team we have that has shown real commitment to success. Thus, we believe that the only thing worse than starting something and failing is not starting something.

 

We glad that we started this journey,” said OPIC President and Chief Executive Officer Elizabeth L. Littlefield is
traveling throughout Liberia and Sierra Leone this week with a delegation of American executives to meet with government officials
and business leaders and identify investment opportunities in the region as it continues to rebound from the Ebola crisis.

According to the release, the Liberian banking sector is faced with a number of critical challenges, and this loan facility will allow
Liberia’s economy to expand organically and the financial service industry to expand banking services, extend long credit facilities,
support macroeconomic growth and poverty reduction, and connect Liberia with the global financial system.
LINA/PR/TSS

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