Liberia and the European Union have signed a €25 million financing agreement to support private sector development in Liberia. The deal was formalized by Liberia’s Minister of Finance and Development Planning, Hon. Augustine Kpehe Ngafuan, and the European Union Ambassador to Liberia, H.E. Nona Deprez.
The project will focus on strengthening value addition in the cassava, fisheries, and wood processing sectors while supporting micro, small, and medium-sized enterprises (MSMEs). It aims to promote self-sufficiency, reduce import dependency, and stimulate export growth.
Ambassador Deprez expressed the EU’s commitment to inclusive development in Liberia during the signing ceremony. “We are very honored to be here again today to sign this financing agreement on private sector development,” she said. She emphasized alignment with Liberia’s ARREST agenda and highlighted goals such as women’s empowerment, youth entrepreneurship, and improved working conditions.
The EU plans to collaborate closely with Liberian institutions like the Ministry of Commerce, National Investment Commission, and Central Bank of Liberia for effective implementation.
Minister Ngafuan praised the EU as a steadfast partner for economic growth. “Each time we meet, good things happen for our country,” he stated. He stressed that action is needed beyond discussions about private sector-led growth. The grant will also support public-private dialogue and policy reform.
Ngafuan mentioned ongoing efforts by the government to enhance business conditions through improved infrastructure such as road connectivity and expanded port services.
The Private Sector Development in Liberia Project will aim at increasing productivity while meeting export market standards and environmental sustainability goals. It includes regulatory reforms and better access to finance for MSMEs.
This initiative follows previous collaborations between the EU and Liberia. Recently, the EU pledged around €62 million for various developmental projects including public financial management.