STAR radio Liberia - NIC/LBDI set up special fund for medium-size Liberian businesses

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NIC/LBDI set up special fund for medium-size Liberian businesses

Written by Moses Wenyou

Saturday, 10 March 2007

The National Investment Commission and the Liberia Bank for Development and Investment Friday signed a memorandum of understanding.

The MOU seeks to establish a special bank account to fund what is termed as upper medium-size Liberian businesses throughout the country.

According to NIC Chairman Dr. Richard Tolbert, such Liberian businesses should be able to employ up to fifty people.

Dr. Tolbert said the fund would lend amounts of up to twenty-five thousand US dollars and the term of the loans would be up to two years at twelve percent interest rate.

He said LBDI and few corporate entities have made initial contributions to the fund.

Dr. Tolbert said the total amount in the LBDI-NIC fund so far is one hundred twenty-five thousand dollars.

He said the NIC would solicit more funds from corporate sources to meet the targeted amount of one million dollars.

Dr. Tolbert said the initiative would be funded almost entirely by corporate contributions because government currently has limited resources.

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