The new president of the Liberian Bank for Development and Investment (LBDI), Deo Delaney outlined what he termed as five ‘go-getting’ strategies on which he would thrive for improvement at the bank.
Delaney named them as corporate governance, digitalization and economic inclusion, climate finance, infrastructure, agriculture and other sectorial growth, as well as recapitalization and appropriate capital management
LBDI’s new Chief Executive Officer said, “I will prioritize strengthening the bank’s balance sheet, particularly with a robust non-performing loan recovery plan.”
Delaney said no bank can function without a robust capital foundation therefore his goal as the bank’s new CEO will concentrate more on the balance sheet and other areas.
At the well-organized cocktail dinner in honor of his predecessor, John B.S. Davies, in Monrovia, August 19, Delaney committed that he will strive to bring in foreign capital for LBDI, including from development finance organizations.
Delaney said he is indeed fortunate to be where he is at the moment expressing, “I am very much grateful to you for celebrating LBDI’s historical role as a cornerstone of the Liberian economy, and as you encircle me with your guidance, advice, and support as I make the pledge to make Liberia’s only development finance institution the great driver of economic growth and force for good its creators commissioned it to be.”
In addition to the significant backing from the Liberian government, the new LBDI president said, banking is based on trust, confidence, and a set of rules pointing out that without these prerequisites, the management team will not be able to attract or make the kinds of investments that are necessary for them to realize the things they have set out to achieve.
He added that positioning LBDI for the future will require principled leadership and the ability to stabilize operations, inspiring trust and attracting sustainable inward investments that will benefit the Liberian economy and people.
“I’m aware that in my role as CEO and President of LBDI, I am in a unique position. I’m afforded the rare opportunity to not only imagine what a stronger, more stable Liberian economy could look and feel like; I also have the authority to make determinative decisions like expanding access to credit for unbanked and under-banked Liberians that can make material and measurable differences in the lives of families across the country,” Delaney stated.
The new LBDI boss stressed that nearly 40 percent of the Upper Guinea rainforests is located in Liberia, adding, “We must take actions that not only align with Liberia’s commitments to global climate resilience but that contribute to a meaningful way to building climate resilience across the country. To that end, we are preparing to issue green bonds backed by Liberia’s forest assets.”
Delaney said when it comes to infrastructure, agriculture and other sectorial growth, the Minister of Finance and Development Planning, Samuel Tweah, who is also LBDI’s Board Chair, recently announced that he is repositioning LBDI to be a key driver of economic growth in Liberia.
The LBDI also plans to make targeted investments and administer specialized programs that drive across-sectorial growth, including infrastructural development, agriculture, and other areas that are building blocks of Liberia’s socioeconomic development.
Earlier, LBDI’s immediate past president, John Davies, congratulated Delaney and the current management team on the cocktail which was intended to showcase the new LBDI’s vision and give the public an indication of the bank’s services and focus following his brief but in-depth overview of the bank under his watch to include his predecessors.
“As is customary in today’s Liberia, plaiting the new mat starts with understanding the foundation on which the old mat was plaited. In essence, as we celebrate the current management team’s beautiful new vision and focus, we must underscore the critical role LBDI has played as the key development stakeholder of the banking sector in particular and the Liberian economy in general,” he reminded.
Mr. Davies revealed that the LBDI played a pivotal role in the creation or establishment of Duraplast, Tiba Biscuits, Mano Manufacturing, Mano Oil Palm, Garson Steel, Vision Industries, Premier Milling, and NICOM Distilleries that are well established in the country and are offering jobs to Liberians.
According to him, in the agriculture and agro-processing space, LBDI is the defacto “rubber bank” and has been a strategic partner to this sector for over 45 years.
Davies said the LBDI is responsible for more than 60 percent of the foreign exchange inflows into this sector; explaining how the sector value addition strategy has resulted in the recent commissioning of another rubber processing factory, the Nimba Rubber Industry, which is another testimony of how the bank has been critical in the generation of foreign exchange, job creation, and Liberian empowerment.
He revealed further that LBDI has impacted the possibility for Liberians to own their homes and as a former CEO, one of the most humbling experiences for him was when the civil servants draw his attention to how much it meant to them to finally have the keys to that building they now call home adding, “LBDI has played this role since the advent of the erstwhile National Housing Bank.”
Hundreds of small businesses have also benefited from various types of financing in the SME sector, ranging from support to young entrepreneurs to access to finance for Liberian businesses, particularly those run by women, he bragged.
The event was attended by staffers, past management teams, customers and foreign business executives as well as governmental partners.
