MONROVIA, Liberia—The Central Bank of Liberia has directed $1.43 million toward the resuscitation of its rubber industry.
The CBL's action comes on the heels of a drastic reduction in the production of rubber in the country—despite the fact it is one of its largest employment sectors.
Speaking at CBL's presentation ceremony in the capital Monrovia in June, the executive governor of the bank, Joseph Mills Jones, said the initiative was part of the government's commitment to the revitalization of the rubber sector.
Jones said the industry was affected due to the drop in prices of rubber on the world market.
The money will improve the industry's ability to make an impact in the foreign exchange market by supporting the stability of the exchange rate and boost the nation's economy.
The loan will be managed by the Liberia Bank for Development and Investment.
John B. Davis, president of the Liberian Bankers Association, said more than 37 institutions already have applied to use the money provided by the loan.