OPIC and IBLL sign $ 20 million direct loan to support key lending sectors – Global News Network
By: Eldred Thomas / GNN Senior Reporter
The Overseas Private Investment Corporation (OPIC), a US government development finance institution, recently signed a letter of commitment for a $ 20 million direct loan to International Bank Liberia Limited (IBLL) to support lending sectors in the country.
Sectors include construction, services, manufacturing, agribusiness, hospitality and transportation.
According to a dispatch from the United States Embassy, the project seeks to create jobs and opportunities by supporting investments in key economic areas and increasing long-term lending to the Liberian private sector.
CIPO CEO Elizabeth L. Littlefield signed the letter of engagement alongside IBLL CEO Henry Saamoi and CEO of Pan African Capital Group, LLC, Stephen D. Cashin.
During a visit to Monrovia, a group of US and international executives on a business development and investment mission to help increase opportunities on the continent. The Liberian banking sector faces a number of critical challenges, the report observed.
This loan facility will allow Liberia’s economy to grow organically and the financial services sector to expand banking services, expand long-term credit facilities, support macroeconomic growth and reduce debt. poverty, and connect Liberia to the global financial system.
The dispatch quotes CIPO President and CEO Elizabeth L. Littlefield as saying she was thrilled to be working with IBLL on their facility.
The OPIC facility, the report said, will enable IBLL to fill a gap in the market by providing customers in the road infrastructure construction, manufacturing, agribusiness and other industries with credit facilities. long term that will enable these clients to make a significant contribution to Liberia’s economic recovery.
For his part, the Founder and Managing Director of Pan African Capital Group, Stephen D. Cashin, expressed his enthusiasm, stressing that he is proud to work with OPIC on its lending facility, and expressed his confidence in the lending facility. ‘OPIC and in IBLL; one of the strongest and most profitable commercial banks in Liberia.
Mr Cashin added his optimism that with its young, energetic and committed Liberian management team, IBLL will continue to grow as one of the country’s leading financial institutions.
The founder and CEO of Pan African Capital Group said he was proud of where he came from as a bank, surviving the trials and tribulations suffered by the country as a result of the civil crisis and followed by the scourge of disease Ebola virus. , seeing with conviction that the young and energetic management team has demonstrated a real commitment to success.
During the signing ceremony, IBLL President and CEO Henry F. Saamoi also spoke, who expressed his appreciation for the start of such a journey and such a partnership.
CIPO President and CEO Elizabeth L. Littlefield travels through Liberia and Sierra Leone this week with a delegation of U.S. leaders to meet with government officials and business leaders and identify opportunities investment in the region as it continues to rebound from the Ebola crisis.
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