Current Issue

Liberia looks to resurrect rubber industry

Comments Email

Crain News Service report

MONROVIA, Liberia (July 11, 2014) — The Central Bank of Liberia (CBL) has directed $1.43 million toward the resuscitation of its rubber industry.

The CBL’s action comes on the heels of a drastic reduction in the production of rubber in the country—despite the fact it is one of Liberia’s largest employment sectors.

Speaking at CBL’s presentation ceremony in the capital Monrovia in June, the executive governor of the bank, Joseph Mills Jones, said the initiative was part of the government’s commitment to the revitalization of the rubber sector.

Mr. Jones said the industry was affected due to the drop in prices of rubber on the world market.

The money infusion will improve the industry’s ability to make an impact in the foreign exchange market by supporting the stability of the exchange rate and boost the nation’s economy.

The loan will be managed by the Liberia Bank for Development and Investment.

John B. Davis, president of the Liberian Bankers Association, said more than 37 institutions already have applied to use the money provided by the loan.

This report appeared on the website of European Rubber Journal, a UK-based sister publication of Tire Business.

More Polls>

TB Reader Poll

Previous | Published March 24, 2017

What do you think of the Republicans' health care plan?

I'll wait to see how much it costs.
12% (30 votes)
Anything is better than Obamacare.
21% (53 votes)
They should just improve the existing ACA plan.
38% (95 votes)
Get rid of the entitlement altogether.
19% (47 votes)
The Affordable Care Act is fine the way it is.
9% (23 votes)
Total votes: 248
More Polls »