The African Development Bank has approved US$ 20 million facility to boost lending to small and medium-sized enterprises in Liberia.
The loan, approved by the Board of Directors of the Bank on May 16, is a trade finance package for three Liberian commercial banks: Liberian Bank for Development and Investment; International Bank of Limited and Afriland First Bank Liberia Limited, a SME Finance Forum member.
It consists of a composite funded and unfunded package under which the African Development Bank will provide funding to the three banks and a guaranty facility to allow international banks to extend confirmation lines to Liberian local banks.