Press release: Monday, April 24, 2023: The Ministry of Commerce and Industry (MoCI) will   begin a three-day stakeholders’ workshop on key components of the Liberia Investment Finance and Trade Project (LIFT-P) in Ganta City, Nimba County. The workshop runs run from Wednesday, April 26- Friday- April 28, 2023.

 The three-day workshop seeks to define the roles and responsibilities of Technical Implementing Ministries and Agencies (TIMAs). The World Bank (WB) Hybrid Implementation Support Mission, headed by its   Senior Private Sector Specialist, Thomas Vis will provide technical support and guidance, while the Project Implementation Unit at the Ministry of Commerce and Industry and the TIMAs exchange ideas on full implementation.

In addition, the exercise will raise awareness among Technical Implementing Ministries and Agencies (TIMAS) on the need for compliance with safeguard requirements of the World Bank (WB) which include Environmental and Social Standards (ESS), Environmental and Social Commitment Plan (ESCP), Labor Management Plan (LMP), Stakeholders Engagement Plan (SEP), etc.

The forum will also be used to clearly inform Technical Implementing Ministries and Agencies (TIMAS) about their respective roles and responsibilities during the implementation of the US$40M LIFT Project, when Terms of References (TORs) and concept notes are expected, including responsible parties and focal persons.

The workshop is expected to draw about 51 participants from project-affected institutions of the Liberian Government, along with partners, including the World Bank Support Mission Group; Central Bank of Liberia (CBL); the PFMU, Aid Management Unit and the Business Climate Working Group Secretariat of the Ministry of Finance and Development Planning (MFDP); Environmental Protection Agency (EPA); Liberia Chamber of Commerce (LCC); Liberia Revenue Authority (LRA); Liberia Business Association (LIBA); National Investment Commission (NIC); the National Bureau of Concessions; the Bureaus of Trade and Small Business Administration of the Ministry of Commerce and Industry; etc.

The Liberian Government is implementing the five -year US$40M LIFT Project through the Ministry of Commerce and Industry (MoCI), with financing from the International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD) of the World Bank Group.

The document was approved by the Board of the Executive Directors of the International Development Association (IDA) on 9th February, 2022, and formally signed   between the Liberian Government and the World Bank on 4th April 2022.

The LIFT Project was officially launched on March 7, 2023, by Liberian Chief Executive, Dr. George Manneh Weah at the EJS Ministerial Complex in Congo Town, Paynesville.

The initiative, among other things is aimed at addressing weak investment climate which limits investments and trade, to provide opportunities   for SMEs to access markets and finance as well as address financial sector infrastructure needed for credit, checks and digital payments. 

Full implementation of the LIFT Project commenced on 28th October 2022 and is expected to run for a five- year period.

Jacob N.B. Parley

Communications Director

Emails: jacobtheancestor@yahoo.com/jacobnbparley1@gmail.com

Contacts: +231777604576/+231886560455

WhatsApp: +231881336137