Says bank should attract foreign investors
United States Ambassador to Liberia, Mr. Michael A. McCarthy, has paid a visit to the new President & CEO of the Liberian Bank for Development and Investment (LBDI) Mr. Deo Delaney. The LBDI is the only Liberian-owned bank in the country.
Ambassador McCarthy said it will take significant foreign investment to change the economic outlook in Liberia and LBDI could play a leading role in attracting new investors.
“LBDI could be the beginning of turning the corner and changing the environment,” he noted and added “You could be the ones who [could] begin to attract foreign investors. And that is critical.”
“It makes us excited that we have a partner in the economy who has one of the same goals that we have,” the U.S. Envoy continued.
Ambassador McCarthy: “We’re convinced that with the new team and the new outlook you’re going to do great things.”
Ambassador McCarthy urged the new LBDI administration to renew its commitment with transparency and accountability in order to forge ahead in its new positioning to prioritize digitization.
The US Ambassador said he is optimistic that the new LBDI will flip the page of its new positioning by utilizing its potential and a new recreation of innovations, noting that it’s always good as an individual or an institution to recreate yourself into a better one, after years from its previous state.
Mr. McCarthy further urged the new administration to embrace trust as best practices in its operations as new technologies and processes evolve while commending ed the management of LBDI for upholding its values with credibility over the years.
In response, Mr. Delaney thanked Mr. McCarthy for his vote of confidence and for visiting the bank.
“I cannot overstate how much it means for us to have Ambassador McCarthy visit with us today at LBDI. Please join me in welcoming him and the head of USAID, Mr. Jim Wright,” Mr. Delaney told staffers gathered in LBDI’s banking hall.
In April, LBDI’s Board of Directors hired Mr. Delaney, 37, to lead Liberia’s only Development Finance Institution.
During his hour-long visit here Tuesday, September 6, 2022, Mr. McCarthy met with Mr. Delaney and LBDI’s senior executive team before taking a tour of the bank’s 9th Street office in Sinkor, Monrovia.
Besides Mr. Delaney, LBDI’s three other executive officers are Mark Akwenah Nyeamene, Deputy CEO and General Manager; Regina Elliott, Corporate Secretary; and J. Wilbert Thomas II, Acting CFO and Comptroller, respectively.
In a 10-minute speech to the bank’s staff, Ambassador McCarthy said “It’s wonderful to see LBDI re-embrace its role as a development bank.”
“Because that’s what this country needs: long-term development. A part of attracting those investors is creating greater trust in the financial markets in Liberia,” said Mr. McCarthy and stressed, “When you prove your governance structures, and digitize, and make it more standardized to outsiders, you’re making this a more favorable environment.”
The U.S. Ambassador noted that he finds LBDI’s desire to be involved in climate financing especially exciting, saying that “Climate finance is really important for all of us around the world. If you can get financial benefits for the resources you have, you are not only helping the world, but you are also helping Liberia as well.”
LBDI President and CEO Delaney said as he works to reorganize the bank and reset priorities, the visit by Amb. McCarthy, who he calls a friend, is “not just symbolic.”
“Now that the Government of Liberia has named LBDI a key driver of economic growth in Liberia, we hope the Ambassador’s presence here at our bank is the first phase of an enduring relationship that will be strengthened by LBDI’s renewed commitment to transparency, good corporate governance, accountability and all the interests we have in common,” Mr. Delaney added.
The Liberian Bank for Development and Investment (LBDI), the county’s largest and only development finance institution, was created by an Act of the National Legislature in 1961.
Since 1988, it has also acted as a commercial bank.
The bank was established by the Liberian government and several foreign development companies to help develop the financial infrastructure in Liberia.
LBDI was established under the joint initiative of the Liberian government and major international financial institutions that purchased equity in the Bank.
LBDI is predominantly a privately owned institution under private management and a Board of Directors elected annually by its shareholders. The bank commenced operations in 1965 as the Liberian Bank for Industrial Development and Investment. Under an amendment in 1974, the name was changed to the Liberian Bank for Development and Investment. Editing by Jonathan Browne