Liberia to boost rubber industry with US$1.725 million loan offer.
Liberia Government has approve fund which will help boost rubber industry in the country. This fund is worth US$1.725 million and will pass through the Ministry of Finance and Development Planning (MFDP).
The aim of the loan is to enhance the industry’s ability to intervene in the foreign exchange market. It will also support stability of the exchange rate and boost the country’s economy.
President of the Rubber Planters Association of Liberia, Wilhelmina Mulbah-Siaway said “We are gratified to hear President George Weah mentioned in his May 29th, 2019 address to the nation the importance of the rubber sector to the economy. The challenges farmers face to remain in production so as to continue to impact the national economy.”
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Member of the Rubber Planters Association of Liberia (RPAL) are to benefits from the loan. The loan will be managed by Liberia Bank for Development and Investment (LBDI) with an interest rate of eight percent due to be paid in four years.
During a press conference in Monrovia, Mulbah-Siaway described the loan as a stimulus package for struggling rubber farmers. That it will help the resuscitation of their production.
According to Mulbah-Siaway, the rubber sector is the pre-eminent provider of revenues for the Government.