United Nations Capital Development Fund Expands Programmes to Support Local Development and Economic Recovery in War-Torn West African Countries of Liberia and Sierra Leone
UNCDF Executive Secretary Visits Region to Expand Programmes that Promote Inclusive Finance and Stimulate Local Economic Development
New York, 24 January 2007: The Executive Secretary of the United Nations Capital Development Fund (UNCDF), Richard Weingarten, visited both Sierra Leone and Liberia last week to expand the organization's programmes in the two West African countries. UNCDF works in both Liberia and Sierra Leone to develop competitive and inclusive financial sectors with enabling regulatory environments to sustain them.
In Liberia, Weingarten launched a new programme designed to expand the country's financial sector and to make it more inclusive for the poor. Other members of the delegation included Makarimi Adechoubou, UNCDF Regional Technical Manager for West and Central Africa and Abdoul Abziz Said Attoumane, UNCDF Portfolio Technical Manager.
The programme was launched at a National Microfinance Stakeholders Workshop organized by the microfinance unit of the Central Bank of Liberia. The workshop brought together more than 70 people representing microfinance institutions, commercial banks and representatives from the public and private sectors.
Speaking at the January meeting of the UNDP Executive Board immediately upon his return, Weingarten told a crowded conference hall at the United Nations that the governance challenges in Sierra Leone and Liberia are massive. "These new democracies are in desperate need of peace keeping, governance support and development - all critical to the well-being of their citizens."
"Both countries are post conflict and in the early stages of recovery; both countries have very high incidents of poverty and are very low on the Human Development Index," he said. "Sierra Leone, for example, is number 176 out of 177. In Liberia 52% of the people live in extreme poverty, 70 % of whom are illiterate. Unemployment stands at 80%."
UNCDF is active in both countries building systems that promote Inclusive Finance, which refers to the practice of ensuring equitable and dependable access to financial services such as savings, insurance and credit. The organization is also working through its Local Development practice area in Liberia to support local governments to plan, finance, implement and monitor high-priority small-scale social and economic infrastructure such as clinics, schools, irrigation systems and roads. In both countries, UNCDF/UNDP joint programmes have established Microfinance Investment Committees, chaired by Central Bank Governors. "These Committee are making direct investments in Microfinance Institutions that are providing important services under extremely difficult circumstances - services that are providing hope and opportunity to tens of thousands of poor people struggling to recover from decades of severe conflict," said Weingarten.
In Sierra Leone, the delegation reviewed the implementation and effectiveness of the National Microfinance Programme in developing a sustainable pro-poor financial sector. Weingarten and his team also met with members of the government, the UN Country Team, the Microfinance Investment and Technical Assistance Facility (MITAF), Microfinance Institutions and the Bank of Sierra Leone to discuss an upcoming National Microfinance Forum. They also explored interfaces between UNCDF's Inclusive Finance and Local Development initiatives to enhance district economic recovery programmes.
Weingarten said all sectors of society in both countries -- Government, civil society and the private sector -- are committed to rebuilding from the recent conflicts, and creating something even better than what was there before. "The levels of energy and enthusiasm to establish peace and promote prosperity for all is really inspiring," he said. "They need significant help from the international community, however, and that is what we are there to provide."
UNCDF in the Local News
Sierra Leone: UNCDF Executive Secretary to Visit Sierra Leone
AllAfrica.com, Washington - Jan 16, 2007
UN Delegation Here to Help Boost Micro-finance
Liberian Daily Observer, MD - Jan 21, 2007
Awareness Times News Briefs from Sierra Leone
Awareness Times, Sierra Leone - Jan 18, 2007
The Analyst Newspaper : Liberia : 2006
The Analyst Newspaper - Published by Liberia Analyst Corporation .
