Monrovia, Liberia - Liberia’s Minister of Finance and Development Planning, Hon. Augustine Kpehe Ngafuan, and the European Union Ambassador to Liberia, H.E. Nona Deprez, have signed a €25 million financing grant agreement for the Private Sector Development in Liberia Project.
The project aims to strengthen value addition in Liberia’s cassava, fisheries, and wood processing sectors, with a strong focus on supporting micro, small, and medium-sized enterprises (MSMEs).
It is designed to promote self-sufficiency, reduce import dependency, and stimulate net export growth—while creating sustainable and inclusive economic opportunities.
Speaking at the signing ceremony, Ambassador Deprez reaffirmed the EU’s commitment to Liberia’s inclusive development.
“We are very honored to be here again today to sign this financing agreement on private sector development,” she said. “This is a realistic package aligned with Liberia’s ARREST agenda, our Team Europe Initiative on food sustainability, and the broader Global Gateway Strategy.
“We are very honored to be here again today to sign this financing agreement on private sector development,” she said. “This is a realistic package aligned with Liberia’s ARREST agenda, our Team Europe Initiative on food sustainability, and the broader Global Gateway Strategy.
We aim to foster women’s empowerment, youth entrepreneurship, and decent working conditions, especially in agriculture, fisheries, and forestry.”
Ambassador Deprez also underscored the EU's intent to work closely with Liberian institutions—including the Ministry of
Ambassador Deprez also underscored the EU's intent to work closely with Liberian institutions—including the Ministry of
Commerce, National Investment Commission, and the Central Bank of Liberia—to ensure effective implementation and long-term sustainability.
Speaking on behalf of the Liberian Government, Minister Ngafuan praised the EU as a steadfast partner and reaffirmed Liberia’s commitment to enabling the private sector as the engine of economic growth.
“Each time we meet, good things happen for our country,” he said. “Today, we are here to sign an agreement that will drive real change in our private sector.
It’s no longer enough to talk about private sector-led growth—we must act. And this €25 million grant will help us walk that talk.”
Minister Ngafuan highlighted that the project will also enhance public-private dialogue and policy reform, contributing to a more conducive business environment.
He noted ongoing government efforts to reduce the cost of doing business, including improvements in road connectivity, expanded port services, and more reliable electricity—all critical enablers of private sector development.
“This support is timely and on point,” he added. “Jobs won’t come from government alone. The private sector must lead the way, and this project will help ensure that the cassava, fisheries, and wood processing industries truly thrive and create jobs for our people.”
The Private Sector Development in Liberia Project will focus on increasing productivity and improving standards to meet export market requirements and environmental sustainability goals. It will also support regulatory reforms, expand access to finance for MSMEs, and foster stronger coordination between the public and private sectors.
This agreement builds on a series of ongoing collaborations between the EU and the Government of Liberia. Most recently, the EU committed approximately €62 million to support various development initiatives, including public financial management and regional energy projects.