Investments in local enterprises by US African Development Foundation demonstrates commitment to support the revitalization of the Liberian economy
MONROVIA - December 12, 2006 –At a ceremony attended by President Ellen Johnson Sirleaf and the US Ambassador to Liberia, Donald E. Booth, the United States African Development Foundation (ADF) fully delivered against a commitment articulated in a Memorandum of Understanding (MOU) that was signed in April of this year. This MOU paved the way for ADF to support locally-owned enterprises that contribute to the revitalization of the national economy. Representing ADF were Nathaniel Fields, Vice President and CEO for Africa Operations, and James Addo, Regional Investment Advisor (Liberia).
At the ceremony, ADF signed agreements providing direct investments to eight Liberian-owned businesses, representing a total investment of US$760,000. Nathaniel Fields, CEO for Africa Operations, commented on the nature of the investments, stating, "These eight projects are very diverse and will impact a range of sectors, including agriculture, horticulture, business support services, construction, woodworking, and fishing. The purpose of these investments is to improve capacity, validate revenue business models, and prepare the clients for a larger investment in the future."
ADF will conduct a further round of funding between now and the end of September 2007, and is currently receiving and evaluating proposals from small and medium-sized enterprises that meet eligibility criteria. It is anticipated that total investments by ADF in Liberia will reach US$2million annually in subsequent years.
US Ambassador to Liberia, Donald Booth, urged all beneficiaries to live up to the expectations of their international partners. He noted that the investment funds were made possible by the request of President Ellen Johnson Sirleaf to the United States government to help improve the living conditions of Liberians.
President Ellen Johnson Sirleaf thanked ADF and US Ambassador Booth, stating, "This investment will provide a boost to our national economy and will help to create job opportunities for our people." The Liberian leader also recognized the role of the United States government in making the funding possible.
The eight initial beneficiaries of the agreement between ADF and the Government of Liberia are:
M&Y Enterprises - Business Support Services
Gbandi Farmers Cooperative Society - Coffee and Cocoa Production and Sales
Technocrats United for Reconstruction& Development - Contract and Low-Cost Construction
MD Sow & Associates - Cattle Production and Processing
Terravilla Gardens Inc. - Horticulture Production and Landscaping
Monrovia Fishing Co.- Seafood Production and Processing
Venture Industrial and Construction Co. - Sand Crete Production and Construction
Chabural Enterprise Inc. - Furniture Manufacturing
The United States African Development Foundation (ADF) is a United States Government agency dedicated to expanding access to economic opportunity in Africa. Founded in 1980, ADF established field operations in Africa in 1984, and currently has active country programs in 16 countries. Over the past 20 years, ADF has funded over 1,600 projects in support of African entrepreneurs and local African communities.
For more information on ADF, its programs and its application guidelines, visit: www.usadf.gov.
