USAID-IBEX Increases Financing Services to Five New Sectors in Liberia
…in addition to agribusiness and clean renewable energy
Monrovia, February 28, 2014— a signing & expanding ceremony announcement for USAID’s Access to Finance and private sector capacity building and technical assistance services to SMEs and Partner Banks will take place on March 14, 2014 at Mamba Point Hotel, 10:00 AM. The USAID sponsored- Liberia Investing for Business Expansion Program (IBEX) announced the expansion of its scope of operations in the country with five recently USAID-approved sectors in addition to previously approved Agribusiness and Renewable Sectors. The new sectors include, Trade /General Merchandise, Transportation, Hospitality, Construction, and Infrastructure.
Expected at the ceremony will be USAID Liberia’s Mission Director, John Mark Whitfield, Mr. Henry Saamoi, Mr. Kola Adeleke, Managing Directors, International Bank and Ecobank respectively, Mrs. Watchen H. Bruce, Chief of Party, USAID Liberia’s IBEX, Representatives from International Executives Service Corps (IESC), and Volunteers for Economic Growth Alliance (VEGA).
IBEX operations along the seven (7) sectors within its program components will include:
Technical Support and Capacity Building for SMEs- focuses on providing technical assistance, coaching, advising, mentoring, and capacity building to SMEs, including supporting & facilitating the preparation of loan applications and other financial documents for financing; creating awareness of SME access to finance opportunities; and developing the pipeline with bankable deals.
Technical Support and Capacity Building for Banks- focuses on providing training, coaching, & mentoring bank lending staff in developing skills and systematic underwriting approaches and processes to appraise borrowers’ loan applications, developing workable loan structuring strategies and develop client and new sector portfolios.
- Sustainability & Exit strategy will develop a sustainable exit strategy with banks. As part of the effort USAID IESC/IBEX proposes to create new networks that link US-based Liberian Diaspora and US investors in Liberia to existing Liberian business support organizations (BSOs) and/or to create direct linkages between Liberian banking community members and US/Africa based bank training institutes. This includes the development of a National Business Development Center along with our stakeholders.
The IBEX program provides indirect financial services through hands-on business management and development training, mentoring and coaching in basic financial record keeping for SMEs. IBEX also assists SMEs in putting together loan packages and getting them adequately prepared to access finance to expand and grow their businesses. The program is part of a larger strategy by the Liberian Government supported by USAID for strengthening Liberia’s private sector development and growth by improving the national economy with jobs creation.
For additional information please contact: Moses Forkah @ +231-886-570-278.