World Bank Signs Line of Credit Phase 2 with Liberia -Country Manager Wallen on ‘Good News’ In Offing

MONROVIA – World Bank Liberia Country Manager Georgia Wallen has been speaking at signing ceremony of Phase 2 of the Line of Credit of Liberia Investment, Finance, and Trade (LIFT) Project, at which she alluded to the progress of Phase 1 which she noted ensured that nearly 100 Micro, Small, Medium-sized Enterprises (MSMEs) the Bank’s accessed financing.

“I’ll start with some great news,” she said last week at programs marking the signing of Phase 1 of the program. “Under Phase 1, nearly 100 MSMEs accessed financing. There was strong focus on inclusion – over half were women-led businesses, and several were new clients to the participating financial institutions.”

She said nearly half of the number was located outside of Montserrado County, and that the positive overall experience in Phase 1 of the Line of Credit laid a strong foundation, successfully demonstrated that with the right tools, Liberian financial institutions are ready and able to extend credit to underserved businesses.

With Phase 2, Madam Wallen said, “we expand into new sectors such as agriculture, manufacturing (including agro-processing), healthcare services, and education,” indicating that the World Bank would also reach more diverse businesses, and support longer-term, investment-oriented financing that can unlock deeper and more lasting impact.

“The World Bank is ready to support our financial institution partners with technical assistance to enable them to succeed – especially as they begin to explore more sectors and lending models,” the World Bank official said. “Second, on delivering continued success.  The success and sustainability of the LOC depends on shared ownership and mutual accountability.”

According to her, the Line of Credit is not about disbursing funds – it’s about doing so in a responsible, transparent, and sustainable manner, specifically as a revolving line of credit, and meaning that every dollar repaid can be lent again to another business.

“Repayment is not just a financial obligation: it is a development multiplier. These are not grants; they are loans meant to grow their businesses, create jobs,” Madam Wallen further noted, adding that the launch of Phase 2 is a signal of shared ambition. 

“We share the ambition to see Liberian businesses grow stronger, to see new jobs created, and to build a more resilient and inclusive economy, one investment at a time,” she said.

She warned financial institution partners that their leadership and commitment are essential, as the facility is a revolving fund and its success depends on their careful stewardship, sound lending practices, and strong client engagement.

Also speaking to borrowers, the World Bank Country manager said it was their opportunity to grow, create, and contribute, as funds provided through the Line of Credit are not grants but loans that help turn your vision into reality. 

“Repayment will help others to do the same,” she said further to the borrowers before turning to government and project teams with kudos for their tireless efforts to move this forward with integrity and focus. 

Madam Wallen said: “To all Liberians: this facility is for you. For the tailor who wants to buy a second sewing machine. For the small shop owner hoping to restock inventory. For the farmer looking to expand his or her production or add value to their harvest. For the food processor investing in packaging to reach new customers.”

According to her the launch of Phase 2 of the Line of Credit under the Liberia Investment, Finance and Trade (LIFT) Project marked another step in strengthening Liberia’s financial system and expanding access to financing for micro, small, and medium enterprises – a key for the economic transformation objective of Liberia’s Vision 2030 and the new ARREST Agenda for Inclusive Development (AAID). 

“It is also central to the World Bank Group’s new Country Partnership Framework with Liberia that aims to build foundations for more and better jobs in Liberia. Boosting private investment requires access to finance for entrepreneurs – including women and youth,” she said, adding: “The line of credit under the LIFT project helps answer this call.”