Several newly established microfinance and loan institutions are expected to benefit from the Central Bank of Liberia microfinance program this year.
The disclosure was made at the weekend by the Executive Governor of the Central Bank of Liberia (CBL) Dr. J. Mills Jones during an honoring program by the National Apex of Village Savings and Loan Associations (VSLA).
Governor Jones said if the future of Liberia should rest in the hands of Liberians, then concrete steps, such as economic empowerment for all Liberians must be taken.
He said the Ebola virus affected Liberia’s economy greatly; so there is a need to put the system back on track.
Dr. Jones explained that efforts to restart the economy must be geared towards economic recovery for all Liberians, adding that the CBL will help revive the rural economy by putting life into the microfinance sector.
He indicated that additional funds will be made available to groups that previously benefitted from the CBL microfinance program to restart their businesses.
He assured the bank’s preparedness to work with a cross section of village saving and loan associations across the country.
He believes that the fight against poverty eradication can only be achieved if the informal economy is integrated into the mainstream economy.
For her part, Josephine Nagbe, chairperson of the National Apex of Village Savings and Loan Association commended the CBL Executive for the pronouncement.
She said CBL’s dream to empower business women will go down in history. She added that members of her organization are proud of having Dr. Jones as Executive Governor of the CBL, because without him, they could have suffered from extreme poverty and starvation.
More than 30,000 women and men are currently benefitting from the microfinance program of the Central Bank of Liberia.
SOURCE: The News (Liberia)
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