IFC and Sida Launch New Phase of Program to Support Private Sector Development in Liberia
IFC, a member of the World Bank Group, and the Swedish International Development Agency have launched the third phase of the Liberia Private Sector Development Program, which is helping Liberia build a strong private sector that will attract investment and create jobs.
The program’s third phase will be co-funded by Sida and managed by IFC, in partnership with the Government of Liberia and private sector stakeholders. It will be supported by IFC’s Conflict Affected States in Africa (CASA) initiative and focus on three components to encourage private sector development in Liberia:
· Support for the development of financial infrastructure to increase access to finance
· Support for SME growth through capacity development and access to markets
· Support for a business-enabling environment through investment climate reform
Jumoke Jagun-Dokunmu, IFC’s Resident Representative in Liberia, said, “This phase of the program will continue to address crucial challenges to private sector development in Liberia, especially the key constraints of access to finance and SME capacity. The program is supporting Liberia’s efforts to grow its economy by strengthening local businesses and encouraging more local and international investment.”
Dr. Gun Eriksson Skoog, Country Manager, for Development Cooperation, Embassy of Sweden, said, “The IFC-managed program in Liberia has a good track record, which reflects not only Liberian stakeholders’ need for and willingness to implement reforms, but also IFC flexibility and innovation. The third phase will focus more strongly on creating linkages and opportunities for broad-based, inclusive economic development. These efforts are fully in line with the Swedish government’s development co-operation strategy for Liberia, which supports agricultural development and business, including regional and international trade.”
Reforms supported by the first two phases of the Liberia program have generated $11-13 million investment in the private sector; led to a 20 percent increase in the number of formal businesses; created about 20,000 new jobs, and led to savings worth $4.7 million for the private sector.
IFC Advisory Services in Africa provides a range of solutions to support private sector development. In countries emerging from conflict, IFC engagements are sensitive to local context and take into account the complex processes of change. IFC reengaged in Liberia in 2006 upon request of the newly-formed government.
This article was originally posted on West Africa Business Communities
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