The Government of Liberia has officially launched Phase II of the Micro, Small, and Medium Enterprises (MSME) Line of Credit, injecting $3.5 million into the local economy to empower Liberian-owned businesses and accelerate the growth of homegrown industries. The initiative is being implemented under the Liberia Investment Finance and Trade (LIFT) Project, a key pillar of President Joseph Nyuma Boakai’s ARREST Agenda, which prioritizes economic revitalization through access to capital, job creation, and inclusive development. Spearheaded by the Ministry of Commerce and Industry, in partnership with the Central Bank of Liberia (CBL) and the World Bank, the program will provide low-interest loans through seven participating financial institutions including commercial banks and microfinance firms across Liberia. At the launch event, Commerce and Industry Minister Magdalene Dagoseh hailed the initiative as a strategic shift in Liberia’s economic direction. “We’re not just trading goods anymore we’re building industries,” Minister Dagoseh stated. “This investment is about transforming small businesses into engines of sustainable growth.” The credit facility targets key sectors with high potential for impact, including agro-processing, manufacturing, healthcare, and retail, with a special emphasis on women-led businesses, youth entrepreneurs, and enterprises operating in rural and underserved communities. By providing much-needed capital to small businesses, the government aims to increase domestic production, reduce reliance on imports, and promote value-added goods that can compete both locally and regionally. Officials say this second phase builds on lessons learned from the initial MSME Line of Credit program and reflects the government’s commitment to financial inclusion and equitable growth. “This is how transformation begins,” said a senior CBL representative. “When entrepreneurs are equipped with financing, knowledge, and support, they build more than businesses they build industries, jobs, and a stronger Liberia.” The Ministry of Commerce has also announced plans to monitor the implementation of the loans closely to ensure transparency, proper utilization, and measurable impact. The $3.5 million injection underlines the Boakai Administration’s broader vision to shift Liberia from a consumption-based to a production-based economy, fostering an environment where Liberian businesses can thrive and lead the country’s industrial transformation.
