The Youth Entrepreneurship and Investment Bank Management Company (YEIB-MANCO) has set a target to support at least 30,000 young Liberians directly and 120,000 indirectly through its financing model. This initiative aims to address major barriers confronting local entrepreneurs, including high interest rates, stringent collateral requirements, and limited access to long-term credit. YEIB-MANCO Chief Executive Officer Joseph F. Sando disclosed the targets during an engagement with journalists in Monrovia.
YEIB-MANCO is a multifunctional institution established through an African Development Bank-backed initiative with the Government of Liberia. The Ministry of Commerce and Industry serves as a key institutional anchor. Sando described YEIB-MANCO as an institution focused on sustainable development and economic growth for Liberia and Africa. The institution combines financing with business development, technical assistance, and incubation services.
YEIB-MANCO's mandate is nationwide, with a particular focus on young people and women. The institution is designed to reach entrepreneurs across all 15 counties, rather than concentrating opportunities in Monrovia. Sando emphasized that the initiative is not just about providing financing, but also about preparing and coaching entrepreneurs to assess their capabilities and identify sectors where their businesses have the strongest potential.
Beneficiaries will undergo incubation, training, and coaching before receiving financing. YEIB-MANCO will continue monitoring and evaluating beneficiaries and their businesses to assess performance and economic impact. The institution plans to operate through three special-purpose vehicles covering technical assistance and business development services, a guarantee fund, and an investment fund.
The guarantee mechanism will involve partnerships with commercial banks to address major financing obstacles facing Liberian entrepreneurs. YEIB-MANCO could share financing risks with participating financial institutions, potentially reducing the collateral burden on entrepreneurs while helping negotiate more favorable interest rates and longer repayment periods. The investment component will focus on direct coaching and financing in sectors including agriculture, light manufacturing, logistics, technology, and recreation.
Early demand for YEIB-MANCO's business development program has demonstrated the scale of interest among young Liberians. A pilot call for applications in August seeking 50 participants for business development services training received over 640 applications. Sando stressed that transparency and verifiable data would be central to the initiative, allowing journalists and the public to independently confirm beneficiaries and businesses supported under the program.
On financing, Sando said initial support is coming from the African Development Bank, but considerably greater investment will eventually be required to build a vibrant and sustainable micro, small, and medium enterprise sector in Liberia. He cited approximately US$1.03 billion as the level of financing required to strengthen Liberia's MSME sector. YEIB-MANCO is targeting no fewer than 30,000 young people for direct support, with approximately 120,000 expected to benefit indirectly.
Key points
- YEIB-MANCO aims to support 30,000 Liberian youth directly and 120,000 indirectly through its financing model.
- The institution combines financing with business development, technical assistance, and incubation services.
- Initial support is coming from the African Development Bank, but US$1.03 billion is needed to strengthen Liberia's MSME sector.
