The Ministry of Finance and Development Planning along with GN Bank, BRAC Liberia and Business Link Incorporated has signed a US$ 4 million loan to enable local businesses to recover from the post-Ebola Virus Disease (EVD) shock on the economy.
Giving remarks at the signing ceremony held recently at the Ministry of Finance, GN Bank Deputy Managing Director for Operation said they will use their network to go to every corner in Liberia so that those who need the loan benefit from it. The Managing Director of BRAC Liberia was pleased that after a long discussion they had finally come to a conclusion.
For his part, the Minister of Finance Boima Kamara said the impact EVD had on the economy, and the extent to which it affected small businesses, most especially those doing cross-border business, was the underlying factor that drew the need to request the loan from the World Bank. He added that in terms of fast tracking the recovery of the economy; making finance available will help many small businesses in the country. The Ministry will not be involved in the process of distributing the loans adding that BRAC Liberia, Business Link, and GN Bank will execute the process to the fullest in terms of who qualifies, and who matches the required standard.
According to 2014 projections from the World Bank, an estimated $2.2 billion was lost in 2015 in the gross domestic product (GDP) of the three countries, namely Guinea, Liberia, and Sierra Leone. The disease resulted in lower investment and a substantial loss in private sector growth, declining agricultural production that led to concerns about food security, and a decrease in cross-border trade as restrictions on movement, goods, and services increased.