Dr. Anthony Chan said the United States Government has a long history of working with public and private sector organizations around the globe to improve the capacity of MSMEs to compete in domestic and international markets.

He made the statement Tuesday at a partnership signing ceremony between USAID-Liberia and Afriland First Bank held at a local hotel in Monrovia.
 
Under the partnership, Afriland Bank and USAID will jointly provide loans to Micro, Small and Medium Size Enterprises in Liberia.

Chan said that these enterprises will provide valuable employment opportunities as they are typically the first to innovate through new technologies and products, noting that historically, economic growth has relied on the success of MSMEs.

He explained that in Liberia, the U.S. Government through USAID brings
experience and expertise to strengthen the capacity of MSMEs to drive economic growth, adding that since 2009 USAID has piloted innovative solutions to improve private sector investment and contributions to the Liberian economy.

Dr. Chan emphasized that USAID, through partners like Investing in Business Expansion (IBEX), has worked on improving lending under agreement with local banks from an average of under 10 to over 50 percent  in the last year which is supporting 137 MSME’s to win 342 contracts worth US$31million.
LINA CB/TSS/PTK