The Liberian Bank for Development & Investment

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The Liberian Bank for Development and Investment (LBDI) is a Liberian national development bank that has since 1988 also acted as a commercial bank. It is headquartered in Monrovia and was established by the Liberian government and a number of foreign development companies to help develop the financial infrastructure in Liberia.

Liberia republic in West Africa

Liberia, officially the Republic of Liberia, is a country on the West African coast. It is bordered by Sierra Leone to its northwest, Guinea to its north, Ivory Coast to its east, and the Atlantic Ocean to its south-southwest. It covers an area of 111,369 square kilometers (43,000 sq mi) and has a population of around 4,700,000 people. English is the official language and over 20 indigenous languages are spoken, representing the numerous ethnic groups who make up more than 95% of the population. The country's capital and largest city is Monrovia.

The National Development Bank is a development bank created by a country's government, that provides financing for the purposes of economic development of the country.

A commercial bank is a type of bank that provides services such as accepting deposits, making business loans, and offering basic investment products that is operated as a business for profit.

Contents

History

It was created by an Act of the National Legislature in 1961 under the joint initiative of the Liberian government and major international financial institutions who purchased equity in the Bank, namely: International Finance Corporation, Commonwealth Development Corporation, Capital Partners, European Investment Bank, the Agence française de développement, and Deutsche Investitions-und Entwicklungesllchaft, over 150 private Liberians, other international and local institutions. Foreign shareholding is 44.47% and local shareholding is 55.53%. [1] [2]

International Finance Corporation

The International Finance Corporation (IFC) is an international financial institution that offers investment, advisory, and asset-management services to encourage private-sector development in developing countries. The IFC is a member of the World Bank Group and is headquartered in Washington, D.C.. It was established in 1956, as the private-sector arm of the World Bank Group, to advance economic development by investing in for-profit and commercial projects for poverty reduction and promoting development. The IFC's stated aim is to create opportunities for people to escape poverty and achieve better living standards by mobilizing financial resources for private enterprise, promoting accessible and competitive markets, supporting businesses and other private-sector entities, and creating jobs and delivering necessary services to those who are poverty stricken or otherwise vulnerable.

European Investment Bank international organization

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French Development Agency is a public financial institution that implements the policy defined by the French Government. It works to fight poverty and promote sustainable development. This public institution is active in Africa, Asia, the Middle East, Latin America, the Caribbean and the French overseas territories where it finances and supports projects that improve living conditions for populations, promote economic growth and protect the planet.

LBDI is predominantly a privately owned institution under private management and a Board of Directors elected annually by its Shareholders. The Bank commenced operations in 1965 as Liberian Bank for Industrial Development and Investment. Under an amendment in 1974, the name was changed to the Liberian Bank for Development and Investment (LBDI). A further amendment in 1988 allowed the Bank to engage in commercial banking activities, to complement its development objectives. [3]

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References

  1. ↑ "Origin of LBDI".
  2. ↑ "LBDI Liberian Bank for Development & Investment". World financial directory - Beacon.
  3. ↑ "UNCDF Liberia Assessment" (PDF).
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