Governor Mills Jones, Members of the Judiciary, Members of the Legislature, Ministers of the Executive branch of Government, County Superintendents, other Officials of Government, Representatives ac Governments, Members of the Board, Former Directors, Presidents and Staff  of LBDI, Customers, Well wishers, Family, Friends, Distinguished Ladies and Gentlemen.

 

Exactly 366 days ago we gathered at this spot to celebrate the 42^nd Anniversary of this Bank. Since then much has changed: Roads are being repaired; new regulations have been issued by the CBL, and the number of banks in the sector has nearly doubled; competition for qualified and experienced human resources has intensified; the economy is estimated to have grown by around 7%, which is slower than projected, due to the slow takeoff of certain key sectors like logging; prices of key commodities both imports and exports have seesawed up and down; and the global financial crisis has mushroomed to stage which full effect and duration remains very uncertain.

 

We welcome you this afternoon to celebrate this occasion marking another year of LBDI survival and growth in very challenging times, as described supra. It is needless to mention the expansion of the Bank over the last year as one can see from the new branches and physical improvements over the last year. Before year-end new branches are scheduled to opened in Robertsport, Yekepa, and Gardenerville. Less conspicuous is the Bank’s US$20.2M (30%) increase in LBDI’s Total Assets, from US$66.1M at the beginning of the year to US$86.3M, as at October 31^st. Fifty-five percent of the increase was funded from a US$11.1M (25%) increase in deposits. During the same period, Net Loans and Advances increased by US$6.7M (54%), from US$12.6M to US$19.4M.

 

While we celebrate our continued successes we want to share this occasion with our heroes and recognize their contribution to the economic recovery process and poverty reduction through their entrepreneurship and endurance. These individuals and businesses have risked all that they have to grow their business. At LBDI we are very honored and proud to identify with them and provided funding, particularly over the last year. In realizing their dreams they have created jobs, opportunity, hope and inspiration for others. In practical terms for those who want to work, they are feeding families, sending  children to school, paying that hospital bill and buying urgently needed medicine.

Notably, these individuals and business are:

• PA Ribhouse, Restaurant/Catering,Lakpazee; Precious Andrews Greeves
• MARCO, Rubber Factory, Kakata; Keith Jubah and Bill Morris
• Hotel Alvino, Hotel, Ganta;  Prince Howard
• NICOM, Beverage, Lynch Street; Erol Francis
• Cape Hotel, Hotel, Mamba Point; Ghassam Rassamy and Anwar Hani
• Consolidated Group, Beverage, Gardenersville; Simeon Freeman
• Jake Frost, Water production, Paynesville; J. B. Dennis
• Crystal Water, Water production, Bushrod Island; Joseph Williamson
• Millienium Shopping Center, Real Estate Shopping Center, Mechlin/ Front Street; Richard Dwumoh
• Future Enterprise, Real Estate Shopping Center, Paynesville Redlight; Kadiatu Nassar
• Winners Investment, Water production, Duala; Joanna Gharib 

 These and several others are our heroes and we hope that others shall be inspired to follow suit. Within the next few days we shall be receiving a joint assessment mission from PROPARCO (the private sector arm of the French Development Bank), African Development Bank, and AfriInvestment. The successful conclusion of the Mission shall result in the infusion of fresh Tier 1 and Tier 2 Capital into LBDI of US$5M to US$10M, by Q1/2009. This shall bring LBDIs Capital to around US$20M which is far in excess of regulatory requirements and the largest in the sector. This capital infusion shall facilitate the Banks continuous expansion and improvements in service quality; and underwrite more medium and long-term financing to jumpstart private enterprise in the productive sectors which is critical to the Nation’s PRS (Poverty Reduction Strategy).

 We thank the Central Bank for its support and cooperation. Also, thanks to the Government, in particular Her Excellency, President Ellen Johnson Sirleaf; and   to the Ministry of Finance for working with us in resolving the debt issue which was a major obstacle to the Bank’s progress. To our Customers, you have been great. Thanks for your patience as we try to correct our imperfections; and for your advices and words of encouragement. Congratulations to all of the honorees and families today, LBDI tenured staff and Customers of the Bank.

 

Finally, we pray for Gods continuous blessing and wisdom, showered on this Bank. And wish all of you a Happy Christmas and Prosperous New Year!!!