Ellen Urges Boost in Private Sector Investment
Ex-President Ellen Johnson Sirleaf highlights the crucial part played by the private sector as a driving force for economic development and employment generation in Liberia.
At the formal inauguration of Modern Savings & Loans Microfinance Deposit-Taking Institution on Wednesday, May 7, 2025, in Congo Town, Madam Sirleaf stated that the growth of the private sector is crucial for nationwide progress and well-being.
"Growth within our society largely stems from the private sector. This is a key indicator of how our society has transformed," she emphasizes, pointing out notable advancements in certain areas of West Africa, where locals are making substantial investments in their domestic markets.
The recently launched microfinance organization, conceived by Counselor George B. Kailondo in 2014, aims to assist Liberian entrepreneurs, traders, and ordinary people by enhancing their ability to obtain accessible loans. The initiative seeks to boost economic growth, encourage commerce, and strengthen small and medium-sized enterprises (SMEs).
Madam Sirleaf praises the initiative as a model of giving back to society and calls on all Liberians to support such ventures aimed at strengthening grassroots economies. "This is an excellent way of giving back," the form President notes, and adds, "Empowering smaller businesses is the foundation for sustainable national development."
The institution is headed by Madam Chantell Kailondo, Chief Executive Officer (CEO). Under her leadership, the Modern Savings & Loans Microfinance Deposit-Taking Institution pledges to significantly lower interest rates, reducing them from the national average of over 18 percent to below 10 percent, to make credit more accessible and less burdensome for Liberian entrepreneurs.
According to Madam Kailondo, the institution also seeks to disrupt century-old, restrictive credit system that has historically hindered small business success in Liberia. By offering more favorable lending conditions, the microfinance entity aims to boost business growth and improve livelihoods.
The inauguration event saw involvement from the Central Bank of Liberia, high-ranking governmental representatives, leaders within the legislative branch, and notable individuals from the commercial sector. The participants praised the project and voiced their backing for the organization’s objectives.
The Modern Savings & Loans Microfinance Deposit-Taking Institution has officially launched and is prepared to cater to the people of Liberia, offering financial services tailored to support the nation’s growth initiatives.
Provided by Syndigate Media Inc. ( Syndigate.info ).
