US$100M Universal Bank For Liberia’s Agriculture Sector Insight -As South Korea’s MakeGroup Partners With Gov’t

By Bill W. Cooper
South Korea’s leading investment firm, MakeGroup has announced its plans to establish a Universal Bank in Liberia with an initial capital of US$100 million for agriculture activities across the country.

The group, through its Chairman, James Juhee Han, disclosed that the institution, if realized, would be the largest financial entity in the country, providing specialised services including housing and agriculture.
He, however, noted the company’s flexibility to align with the Liberian government’s plan for a dedicated Agriculture Enterprise Development Bank, a proposal currently under legislative review.

The group made the disclosure on Wednesday, June 4, 2025, when they announced a strategic partnership with the government, through the Ministry of Agriculture (MoA), intended to bolster the country’s agricultural sector.

The collaboration is also set to inject much-needed investment into the country’s agriculture, which has long been viewed as a cornerstone for economic development and lasting food security.
Liberia’s agriculture sector has faced numerous challenges, including outdated farming techniques, limited access to markets due to a lack of funding and road connectivity, and the impacts of climate change, among others.

During a high-level meeting with the Ministry of Agriculture in Congo Town, MakeGroup’s Chairman Han led a nine-member delegation and outlined the company’s vision for investment in Liberia.
According to him, they are also considering major projects in agro-processing, cold storage systems, and agricultural machinery hubs, with a focus on long-term infrastructure and maintenance support to the sector.

Chairman Han further emphasized MakeGroup’s intention to go beyond symbolic agreements by proposing a binding Memorandum of Agreement (MOA) rather than a typical Memorandum of Understanding (MOU).

He stressed, “We do not want this to become just another MOU that is forgotten. We want a binding MOA that clearly outlines shared goals and responsibilities. In fact, we are proposing two specific MOAs—one focused on general agriculture and the other on poultry.”

Earlier, Agriculture Minister J. Alexander Nuetah warmly welcomed MakeGroup’s proposal, describing it as a timely and strategic opportunity that aligns closely with the Ministry’s priorities.
He also praised Chairman Han for his passion and commitment to Liberia’s development, noting, “Thank you for your passion to develop our country, Mr. Chairman. You have a great plan for Liberia and its citizens.”

The agriculture minister maintained, “The priorities you outlined—mechanization, processing, poultry, and cold storage- align perfectly with our national agenda. We will do our best to ensure these plans are realized.”

Minister Nuetah then used the occasion to provide an overview of Liberia’s current agricultural priorities, highlighting the development of 50,000 hectares of lowland for rice production, with 12,000 hectares already mapped.

As for cassava production, the Minister also mentioned that construction is underway for the country’s first local starch-processing plant, with plans to expand the model to five other regions.
While on poultry, he highlighted efforts to reduce feed costs through local maize production and the construction of a feed mill, a hatchery, and slaughterhouses to support export readiness among others.
“For mechanization, Liberia is already establishing 18 agricultural machinery hubs, eight of which are currently under construction, with equipment expected to arrive from China by August of this year.

And these are the areas we consider our top priorities. So, we want to move beyond smallholder farming done in patches. Our goal is to create large, modern, mechanized farms that boost productivity and create jobs,” he added.

Meanwhile, both sides further agreed to review and finalize the draft MOAs before the delegation departed from the country, with Han also requesting a detailed list of the government’s agricultural priorities to help inform a joint action plan that could guide the partnership moving forward.

The proposed collaboration has therefore echoed the government’s broader strategy to attract long-term, high-impact investment in agriculture as part of its “Liberians Feed Yourselves” agenda.