FiBank Boosts Agric - Directs 30% Credit Facilities to Trade
First International Bank Liberia Limited (FiBank) has announced its preparedness for the provision of credit facilities to agriculture and other sectors of the country in an effort to increase Liberia’s export.
FiBank Public Relation Officer A. Ambulah Mamey told reporters in Monrovia yesterday that the bank has directed over 30% of its credit facilities to trade in the country, in line with major global financial institutions’ emphasis on international trade as key to long-term sustainable economic growth and development.
“You know since the war, there are a number of persons not investing in the agriculture sector probably for the time it takes to invest into that sector- it actually requires a long period of time to invest into that sector,” said Mamey.
According to him, the bank is doing its own evaluation to ensure that good portion of (credit) to agriculture, to empower Liberians in producing food in the country.
Also taking into consideration reconstruction and rehabilitation needs in the country, Mamey said credit facilities have been directed to construction industry, to make construction-related business and companies the second-single highest recipient of credit facilities from FiBank during the business year.
The bank has so far boasted of being the only Liberian bank with approved line from Africa’s largest Trade-Finance bank, Afreximbank based in Cairo, Egypt. Mamey said FiBank has taken financial services beyond Monrovia to Greenville, Sinoe County, while operating several branches in Nimba and Grand Bassa Counties inspire of infrastructural challenges..
He said as part of the bank’s business strategy for 2012, it intends to make business agenda more available to clients and the public, thereby initiating process of regular update on steps taken toward achievements on investment objectives geared toward economic revitalization and growth of Liberia.