Liberia’s Senate has unanimously passed legislation to establish the Agriculture Enterprise Development Bank of Liberia, a specialised lender aimed at expanding access to affordable credit for farmers, cooperatives, agribusinesses, and agro-processors who have long been excluded from conventional banking. 

The bill now awaits approval from the House of Representatives and the president before it becomes law.

The bill, sponsored by Lofa County Senator Joseph Jallah, reflects a strategic pivot toward agriculture-led economic development. 

Speaking at Capitol Hill, Sen. Jallah emphasised that the initiative positions agriculture, the nation’s largest employer and backbone of rural livelihoods, at the centre of Liberia’s growth agenda.

“Traditional banking models have failed farmers due to long production cycles, climate risks, and limited collateral,” Jallah noted. 

“This bank is designed to unlock untapped rural potential and support productivity and value addition.”

The new bank will provide loans aligned with agricultural seasons, alongside technical assistance, extension services, insurance facilitation, and market linkages. 

Governance and accountability measures include a professional board, Central Bank supervision, Ministry of Finance oversight, and mandatory public reporting.

Lawmakers project that the bank will expand financial access for thousands of smallholder farmers and rural enterprises, enhance national food security, create jobs, and promote climate-smart and sustainable farming practices.

“Success depends on disciplined implementation, strong partnerships, and accountability,” Sen. Jallah said. “When farmers succeed, the nation succeeds.”

Source: Liberian Investigator