News Column

GT Bank Gets Seven Million Loan

June 24, 2014

Jimmey C. Fahngon

Guaranty Trust Bank Liberia Limited (GT Bank) has signed a six-year loan agreement valued at US$7 million with a French financial institution, Proparco.

The loan is intended to support the private sector of Liberia.

Speaking Monday at the signing ceremony, GT Bank Liberia Managing Director, Dan Orogun said the agreement marks a strategic partnership that has attracted external funding aimed at strengthening Liberia's private sector through the financing of medium to long-term investment projects.

He believes that the loan agreement will have significant impact on the economic growth of Liberia.

Mr. Orogun said the loan will allow GT Bank to finance the development of its credit portfolio and extend the maturity of its financing to Liberian businesses.

"In the context of economic growth and multiple financing needs, it will help boost growth of the country's private sector and support macro-economic development," he stated.

He said one of GT Bank goals is to contribute to the development aspiration of Liberia as envisaged by the government.

The GT Bank Liberia Limited Managing Director assured the people of Liberia of quality services especially the banking industry.

For his part, the Regional Representative of Proparco, Julien Lefilleur said "with this first transaction in the banking sector in Liberia, Proparco hopes to play a catalytic role by attracting foreign investors and contributing to supporting the financing needs of the economy."

Mr. Lefilleur said the agreement signifies confidence in the Liberian economy. He said his institution has engaged several high profiled French financial institutions that have expressed interest in Liberia.

Proparco is a development finance institution jointly held by Agence Francaise de Development (AFD) and public and private shareholders from north and south. Its mission is to catalyze private investment in emerging and developing countries with the aim of supporting growth, sustainable development and the achievement of the Millennium Development Goals (MDG).

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Source: AllAfrica

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