MONROVIA – That Liberia’s Micro, Small, and Medium Enterprises (MSMEs) are the driving force behind the country’s economic growth and development, employing the majority of the workforce and contributing significantly to the nation’s GDP has been well stressed. However, despite their importance, pundits believe, MSMEs face numerous challenges, including limited access to finance, markets, and capabilities. At the Seventh National MSME Conference and Trade Fair, held at the EJS Ministerial Complex, which together stakeholders to address these challenges and explore opportunities for growth and development, World Bank reaffirms Commitment, as Madam Georgia Wallen, Country Manager, emphasized the crucial role MSMEs play in Liberia’s economy. The Analyst reports.
The World Bank has reaffirmed its commitment to supporting Liberia’s Micro, Small, and Medium Enterprises (MSMEs) at the Seventh National MSME Conference and Trade Fair held at the EJS Ministerial Complex.
The conference aimed to align stakeholders on a concise action plan for the next 12 months, focusing on boosting MSMEs and promoting Made-in-Liberia products.
“MSMEs serve as bright stars and beacons of hope, providing jobs and livelihoods for the majority of Liberians,” said Georgia Wallen, World Bank Liberia Country Manager.
“We are pleased to join the Seventh National MSME Conference and Trade Fair this year, underscoring our long-term commitment and the central role MSMEs play in Liberia’s development.”
Wallen highlighted the challenges facing Liberia’s private sector, including the dominance of micro-firms, low-wage employment, and underemployment among young people.
“Liberia’s private sector is currently unable to generate the quality jobs needed to offer meaningful wages, stability, and to workers,” she said.
The World Bank is working with the government to address these challenges through the Liberia Investment, Finance and Trade (LIFT) Project, which aims to unlock access to finance, markets, and capabilities for MSMEs.
Through LIFT, the World Bank official said, “we are helping unlock access to finance, markets, and capabilities for MSMEs by providing $6.5 million to MSMEs through eight financial institutions, strengthening credit risk assessment, and investing over $3.5 million in training and technical assistance.”
Wallen emphasized the importance of collaboration across government, the private sector, and development partners to drive growth and job creation.
“Tackling these requires collaboration across government at all levels, the private sector, and development partners,” she said.
Wallen encouraged Liberian entrepreneurs to remain focused and optimistic, saying, “World-class enterprises are Liberia’s future; as Honorable Minister said, ‘Believe in Liberia’s greatness!’ Keep daring, keep learning, and keep focused.”
She stated at the onset of her speech: “On behalf of the World Bank, I would like to recognize His Excellency’s leadership and to congratulate the Ministry of Commerce and Industry for reviving this annual National MSME Conference. This event showcases Liberia’s MSMEs, who serve as bright stars and beacons of hope. We are pleased to join the Seventh National MSME Conference and Trade Fair this year, underscoring our long-term commitment and the central role MSMEs play in providing jobs and livelihoods for the majority of Liberians.
“Over the past two years, I have had the opportunity to interact with MSMEs in several counties and have encountered many inspiring ventures. Many have been led by women and by young people. Behind each venture is a determined entrepreneur contributing to national development, while striving to grow and raise living standards for themself and their employees.
Continuing, Madam Wallen noted: “Today’s event is about realizing Liberia’s potential by taking action to address key challenges. Our recent Liberia Economic Update on jobs highlights three realities: (i) Liberia’s private sector is dominated by MSMEs – 90 percent of the private sector are micro-firms who employ between 1-8 employees. (ii) the dominance of micro-firms keeps most of Liberia’s working population in low-wage, low-productive and vulnerable employment and; (iii) young people who have strived hard to attain skills and education are often significantly underemployed. Liberia’s private sector is currently unable to generate the quality jobs needed to offer meaningful wages, stability and to workers.”
“Tackling these requires collaboration across government at all levels, the private sector, and development partners. This is why our new Country Partnership Framework explicitly aims to build foundations for more and better jobs – including focus on boosting private investment. Together with the government, the World Bank Group is working to help unleash private sector development in Liberia by tackling key barriers.
“Through the Liberia Investment, Finance and Trade (LIFT) Project, we are helping unlock access to finance, markets, and capabilities for MSMEs by: providing $6.5 million to MSMEs through eight financial institutions—including banks and microfinance institutions; strengthening credit risk assessment and the movable collateral registry so lenders can better appraise and serve MSMEs; investing over $3.5 million in training and technical assistance to help MSMEs become investment-ready and scale; Supporting reforms in three areas—business entry, investment, and trade—to simplify formalization and business registration, ease cross-border trade, and attract investment that integrates Liberian MSMEs through a supplier development portal.”