By: TPA News Desk | editor@thepointafricanews.com

MONROVIA, Liberia – The European Union (EU) and the Government of Liberia officially signed a €25 million (approximately $27 million USD) financing agreement on Monday, a landmark deal aimed at significantly strengthening Liberia’s private sector. The initiative will specifically focus on enhancing key value chains in cassava, fisheries, and wood processing.

The agreement, hailed by both parties as a crucial step towards sustainable economic growth, seeks to empower Liberian businesses and create employment opportunities within these vital sectors. By targeting value chains, the project aims to support the entire production process, from raw material sourcing to processing and market access, thereby increasing efficiency and profitability for local enterprises.

Representatives from the EU and the Liberian government emphasized the importance of this partnership in fostering economic diversification and resilience in Liberia. The funding is expected to facilitate investments in infrastructure, technology, and capacity building for small and medium-sized enterprises (SMEs) operating within the selected sectors. This support is anticipated to not only boost local production but also improve the competitiveness of Liberian products in regional and international markets.

The focus on cassava, fisheries, and wood processing leverages Liberia’s natural resources and agricultural potential, aligning with the nation’s broader development goals to reduce poverty and promote inclusive growth. The agreement underscores the EU’s continued commitment to supporting Liberia’s development agenda and strengthening bilateral ties.