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Liberia, officially known as the Republic of Liberia, is one of the five English speaking countries of the ECOWAS region and Africa’s oldest republic. It has an area of about 111,370 sq km (43,000 sq miles), a population of 5 million people and shares borders with Sierra Leone, Guinea, and Ivory Coast. Liberia is regarded as a low-income country and relies heavily on foreign assistance. Civil wars and governance challenges destroyed much of Liberia's economy, especially the infrastructure in and around the capital, Monrovia. Liberia is regarded as a low-income country and relies heavily on foreign assistance.
German Sparkassenstiftung works with and supports its partner institutions to enhance their professional capacity and empower them to offer their customers permanent access to cost effective financial services. Liberia is gradually building its financial system alongside building the trust of its citizens. To assist the Credit Union in Liberia, German Sparkassenstiftung is working with the Liberian National Credit Union Association (LCUNA) in building their capacity and structures. Works are underway to achieve the goal of improving the financial sector, creating inclusion of previously excluded or disadvantaged population groups through better access to financial services whilst fostering collaborations between the credit unions in the region enabling them to learn from each other.
The partnership with LCUNA focuses on two key results:
With time, new and prospective projects will be ventured into in Liberia.
The Republic of Sierra Leone, informally Salone, is a country on the southwest coast of West Africa. Bordered by Liberia to the southeast and Guinea to the northeast. Sierra Leone has a total area of 71,740 km2 (27,699 sq mil) and a population of 7,092,113 as of the 2015 census. The capital and largest city is Freetown. The country is divided into five administrative regions which are subdivided into sixteen districts.
Sparkassenstiftung, in an effort to expand operations in the region, is partnering with the Irish League of Credit Unions Foundation Ltd. (ILCUF) to provide financial literacy to entrepreneurs in the Micro, Small and Medium Enterprises.