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ADF places HIGH PRIORITY ON establishment of liberia country program
A recent visit to Liberia by a delegation from ADF brightens the prospects for economic recovery as the Foundation pledges an initial US$1million in investment funding for small enterprises.
WASHINGTON - April 18, 2006
The African Development Foundation (ADF) announced today its intent to establish a country program in Liberia in the immediate future, following a recent reconnaissance visit to this West African country by a top-level team of company officers.
At the invitation of President Ellen Johnson-Sirleaf, ADF Board Chairman Ward Brehm, President Rodney J. MacAlister and CEO for Africa Operations Nathaniel Fields spent several days in and around the country's capital, Monrovia, assessing opportunities for ADF to participate in the economic recovery of this war-torn country. During their stay in Liberia, they met with President Johnson-Sirleaf and representatives from the newly-elected government as well as from the banking and business sectors. They also visited a community of small farmers in Kakata, Margibi County.
"We are extremely encouraged by the determination and sense of unity expressed by all the Liberians we met during our stay." said President Rod MacAlister. "We are confident that ADF investment will have a considerable impact in revitalizing the Liberian economy, especially at the level of small businesses and entrepreneurs," he added.
ADF typically provides a package of investment funding and technical support to small and medium-sized enterprises, agricultural producers and community groups valued at between US$50-250,000. In Liberia, where over two decades of political unrest and conflict have devastated the local infrastructure and virtually obliterated traditional cash crops like rubber and cocoa, the focus of ADF's country program is likely to be on the agricultural sector and on small businesses. Nate Fields, CEO for Africa Operations, declared that "ADF initial investment will amount to US$1million, and will climb to US$2-3million annually in subsequent years."
ADF is the first development agency to declare its intent to establish new operations in Liberia following the election of the new government.
The African Development Foundation (ADF) is a United States Government agency dedicated to expanding access to economic opportunity in Africa. Over the past 20 years, ADF has funded 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.adf.gov.