Africa

Afreximbank Pledges Support for Liberia’s Development at Trade Roadshow

wybenews.com6 months ago6 months ago04 mins

In a bid to bolster Liberia’s economic development, the African Export-Import Bank (Afreximbank) has reaffirmed its commitment to enhancing trade and infrastructure within the country. Eric Monchu Intong, Regional Chief Operating Officer for Anglophone West Africa at Afreximbank, underscored the institution’s dedication to fostering collaboration with both public and private sectors during the second edition of the AFREXIMBANK Liberia TRADE ROADSHOW held on Tuesday, March 19.

The event, organized by Afreximbank in conjunction with the Ministry of Commerce and Industry, convened at the EJS Ministerial Complex under the theme: “Advancing Economic Development in Liberia through Trade.” It aimed to augment the capacity of financial institutions in Liberia while promoting initiatives geared towards trade facilitation and financing.

Intong highlighted Afreximbank’s ongoing support for Liberia’s infrastructural development, citing investments in projects such as the Klay road in Bomi County and the capital city-Roberts International Airport road. Despite these substantial investments, Afreximbank remains steadfast in its commitment to further contribute to Liberia’s growth and prepare the nation for intra-continental trade initiatives crucial for Africa’s development.

Last year’s roadshow laid the groundwork for this year’s event, which seeks to equip Liberia’s business community with information on Afreximbank’s initiatives and programs geared towards promoting intra-African and extra-African trade. Intong outlined several programs aimed at facilitating trade, including The Africa Trade Gateway, PAPSS, Afreximbank-Africa Collaborative Transit Guarantee Scheme, and Africa Trade Exchange, among others.

Minister of Commerce and Industry, Amin Modad, emphasized the government’s dedication to creating an enabling environment for trade, stressing the pivotal role of the private sector in driving economic growth. He highlighted the importance of institutions like Afreximbank in providing capital and finance for key sectors such as agriculture, urging Liberians to seize the opportunities presented by the continental bank.

The roadshow, focused on promoting trade within Africa, featured discussions with government and business entities on funding initiatives to boost Liberia’s participation in intra-African trade. Afreximbank’s funding support for African businesses and institutions, with LOITA Capital Partners facilitating funding arrangements, was a notable highlight of the event.

Financial institutions and stakeholders in the trade industry attended the roadshow, leveraging the opportunities presented to finance and develop their businesses. The event underscored the collaborative efforts between Afreximbank and Liberia in advancing economic development through trade, signaling a promising trajectory for Liberia’s growth and prosperity.