The Overseas Private Investment Corporation, the US Government’s development finance institution, has announced a $20m direct loan to International Bank Liberia (IBL) to support lending in key econominc areas.

The project seeks to foster jobs and opportunities by supporting investments in sectors such as construction, services, manufacturing, agribusiness, hospitality, and transportation, and increasing long term lending to the Liberian private sector. 

“We are pleased to be working with IBL on this facility” said OPIC President and CEO Elizabeth L. Littlefield. 

“The OPIC facility will allow IBLL to address a gap in the marketplace by providing clients in the road infrastructure construction sector, manufacturing sector, agribusiness sector, and other industries with long term credit facilities which will enable those clients to significantly contribute to Liberia’s economic recovery,” she said. 

The Liberian banking sector is faced with a number of critical challenges.

This loan facility will allow Liberia’s economy to expand organically and the financial service industry to expand banking services, extend long credit facilities, support macroeconomic growth and poverty reduction, and connect Liberia with the global financial system.

“We are proud of where we have come from as a bank, surviving the trials and tribulations brought upon the country as a result of the civil crisis and followed by the scourge of the Ebola Virus Disease. We are also proud of the young and energetic management team we have that has shown real commitment to success. Thus, we believe that the only thing worse than starting something and failing is not starting something. We glad that we started this journey,” said IBL CEO Henry F. Saamoi.

The commitment letter was signed by OPIC's Littlefield alongside IBL's Saamoi and Pan African Capital Group CEO Stephen D. Cashin, while visiting Monrovia with a group of American and international executives for a business development and investment mission exploring the increasing opportunity on the continent.

Cashin said: “We are excited and proud to be working with OPIC on this loan facility and appreciate the confidence OPIC has in IBL, one of the strongest and most profitable commercial banks in Liberia. With its young, energetic, and committed Liberian management team, IBL will continue to grow as one of the leading financial institutions in the country.”