MONROVIA: A high-powered delegation of the African Development Bank (AfDB), headed by its Vice President, Mr. Solomon Quaynor, has ended a three-day private sector investment-driven visit to Liberia, with renewed assurances to strengthen youth entrepreneurship.
Addressing reporters Wednesday, a day before his departure from Monrovia, Mr. Quaynor described his visit as “insightful,” and one that afforded him the opportunity to actually understand the economic realities of the country, particularly the private sector.
Mr. Quaynor said discussions held with key government officials, state institutions and other players in the private sector, showed that there is a strong support for the proposed Youth Entrepreneurship Investment Bank (YEIB) in Liberia.
He reaffirmed the AfDB’s continuous support to the building of a viable private sector that would strengthen growth and development through the provision of jobs and sustainable business enterprises.
The AfDB Vice President and delegation have held discussions with Liberia’s Vice President, Chief/Dr. Jewel Howard Taylor; Minister of Finance & Development Planning, Samuel D. Tweah; the Executive Governor and team of the Central Bank of Liberia, Ministers of Agriculture, Commerce & Industry, and the Minister of Youth & Sports.
During these meetings, discussions were focused on the significance of the proposed Youth Entrepreneurship Investment Bank, and Liberia’s approach to private sector development and how the AfDB can work closer with relevant agencies and institutions.
Mr. Quaynor also met with private sector institutions and organizations including the Liberia Bank for Development & Investment (LBDI), Liberia Business Association (LIBA), Liberia Chamber of Commerce, and the Liberia Bankers Association, among others.
Mr. Quaynor, on Monday, April 3, 2923, met with Vice President Jewel Howard Taylor at her Capitol Building office, where he briefed her on the proposal to establish the Youth Entrepreneurship and Investment Bank (YEIB) in Liberia.
He assured that the AfDB, as a strategic development partner, will remain engaged with Liberia, particularly, the private sector, and that the proposed Youth Entrepreneurship Investment Bank project is one of the critical interventions.
Mr. Quaynor expressed the hope that YEIB project would get the AfDB Board’s approval probably in the third quarter of this year.
However, Finance Minister, Samuel Tweah, Jr., has commended the AfDB and welcomed the proposal to establish the Youth Entrepreneurship Investment Bank (YEIB) in Liberia to build the entrepreneur skills of young Liberians and increase access to finance.
He hailed the AfDB’s pledge to create credit guarantee for young entrepreneurs, and the establishment of the Youth Entrepreneurship Investment Bank (YEIB) that is one of the best ways to achieve that.
The AfDB Vice President’s meetings highlighted the design of the proposed Liberia Youth Entrepreneurship Investment Bank (YEIB) project that informs the YEIB’s appraisal mission that is scheduled for Liberia in the same week.
The mission is to ensure that all critical issues are addressed for successful project appraisal, and subsequent Board approval.
When approved, launched, and operationalized, Liberia will be the third African country to benefit from a YEIB after Nigeria and Ethiopia.
