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USADF PARTNERS WITH OPIC, RLJ GROUP AND CHF TO CREATE LIBERIA ENTERPRISE DEVELOPMENT FUND
Foundation will invest US$3 million in enterprise development in Liberia.
WASHINGTON - February 16, 2007
The United States African Development Foundation (USADF) has joined forces with the Overseas Private Investment Corporation (OPIC), the RLJ Companies (RLJ) and CHF International (CHF) to create the Liberia Enterprise Development Fund. This Fund will be launched in summer 2007, and will provide up to US$30 million in financing for small and medium-sized enterprise (SME) investment in Liberia. The announcement was made at the Liberian Private Investment Forum held yesterday in Washington, DC.
USADF was the first US Government agency to establish new operations in Liberia following democratic Presidential elections held in December 2005. USADF is currently working with eight enterprises in Liberia, providing funding and technical assistance to help build their operational, financial and marketing capacity. With the establishment of the Liberia Enterprise Development Fund, USADF will provide additional funding support of US$3 million for additional Liberian SMEs over the next three years in addition to its ongoing program.
Nate Fields, USADF’s CEO for Africa Operations, commented on the Fund from the Foundation’s regional headquarters in Accra. “With the establishment of this Fund, Liberian SMEs will now have greater access to a valuable source of funding, helping to stimulate job creation and economic prosperity. More importantly, it is a clear signal of the tremendous growth potential of Liberia and the opportunities that exist for other investors.”
At the Liberia Private Investment Forum held earlier this week in Washington DC, USADF led a workshop on financing for SME development in Liberia. Also present at the workshop were two USADF clients, Venture Building Materials and Construction, which uses locally-produced laterite bricks to build low cost housing, and Rozi’s, the largest catering company in Monrovia. USADF President Rod MacAlister, who chaired the workshop, described them, saying, “USADF works with businesses like these to help them realize their goals of becoming competitive, profitable businesses. We are proud to partner with such dynamic entrepreneurs and to be a part of the reconstruction of the Liberian economy.”
The United States African Development Foundation (USADF) is a United States Government agency dedicated to expanding access to economic opportunity in Africa. Founded in 1980, USADF established field operations in Africa in 1984, and currently has active country programs in 16 countries. Over the past 20 years, USADF has funded over 1,600 projects in support of African entrepreneurs and local African communities. USADF established its Liberia Country Program in 2006 and since then has invested nearly US$800,000 in the development of small and medium-size enterprise growth.