The Central Bank of Liberia (CBL) has given a soft loan of L$23m to the Liberia Marketing Association (LMA). The L$23m loan package will be spread to all the organization’s branches in the fifteen political sub-division of the country.
Additionally, the CBL has also announced that L$ 75,000.00 each is being made available to LMA branches in the fifteen counties of Liberia as fund set aside to manage the L$23m given to the various counties.
Making the pronouncement on Saturday night in Unification Hall at the Buchanan Fair Ground in Grand Bassa County, CBL Executive Governor, Dr. J. Mills Jones, said the key to moving the Liberian economic forward is a cardinal key to moving the country forward and redeeming its citizens from poverty.
The CBL Boss said the LMA has the capacity to change the course of Liberia by working harder in a bid to achieve economic transformation.
Dr. Jones said it is in the interest of national unity and economic transformation to assist an indigenous group like the Liberia Marketing Association (LMA) and the CBL will act in that direction.
The economist whose administration at the CBL is characterized by economic reforms and mass participation of the indigenous business class due to several packages designed to stimulate the Liberian economy, lauded the hundreds of market people that assembled at the program for working hard to earn for themselves a living and striving to ensure that their respective children acquire education to become better citizens for tomorrow.
Dr. Jones who after recounting his own struggle in life made by his parents to educate him and his sibling said, “Continue to work hard and educate your children so that they can be or reach where you have not.”
The CBL Executive Governor said prior to his takeover at the bank, there was no Microfinance unit but proudly stated that today such a unit has been open at the CBL and is reaching out to citizens in every part of the country in a bid to fight poverty, a common enemy.
Dr. Jones who was the guest of honor at the end of the LMA’s first leadership retreat which ran from June 13 to 15, 2013, said contrary to report that Liberians cannot pay their debt, payment for the first quarter of the loan scheme has reached hundred percent while payment for the second quarter is already over ninety percent.
He said, “We must empower ourselves if we are to be a united people and improving access to financing is a very important aspect of people’s empowerment”.
The L$23m loan package to the LMA is not the first intervention made by the CBL to the organization as the first made sometimes ago which was L$3.5m.
Concluding his statement to the marketers who gathered in Buchanan, Grand Bassa County, Dr. Jones said the microfinance loans and the economic empowerment of Liberians is a dream of President Ellen Johnson Sirleaf and the entire government.
He stressed that the President and the government will be happy if those who borrow continue to pay their debts, adding, “Do not let our President down; do not let our government down and do not let yourselves down. Please pay back so that we can extend the process”.
Speaking earlier, LMA National President, Madam Lusu Slaon, lauded the efforts of the CBL, its Executive Governor and Board of Governors in providing various stimulus packages intended to increase indigenous business participation, the growth of agriculture sector and the special Housing Mortgage package.
She promised the LMA cooperation with the initiative of the CBL and called on her members to prove that they can pay their debts.