Liberia looks to resurrect rubber industry

ERJ staff report (TP)

Monrovia – The Central Bank of Liberia (CBL) has directed L$129,750,000 (€1.05m) towards the resuscitation of its rubber industry.

The CBL's action comes on the heels of a drastic reduction in the production of rubber in the country – despite the fact it is one of its largest employment sectors.

Speaking at CBL’s presentation ceremony in the capital Monrovia in June, the executive governor of the bank, Dr. Joseph Mills Jones, said the initiative was part of the government's commitment to the revitalisation of the rubber sector.

Dr. Jones said the industry was affected due to the drop in prices of rubber on the world market.

The money will improve the industry's ability to make an impact in the foreign exchange market by supporting the stability of the exchange rate and boost the nation's economy.

The loan will be managed by the Liberia Bank for Development and Investment.

John B. Davis, president of the Liberian Bankers Association, said over 37 institutions have already applied to use the money provided by the loan.