AfDB grants $400k for Liberian pension sector reform

The African Development Bank Group (AfDB) has approved a $400,000 grant for the Liberia Pension Sector Intervention Project, aiming to enhance pension coverage and reform the country’s pension system.

The grant, sourced from the Capital Markets Development Trust Fund (CMDTF), will support a comprehensive assessment of Liberia’s existing pension framework and promote capacity building for both public and potential private pension operators.

Currently, Liberia’s National Social Security and Welfare Corporation (NASSCORP) only covers formal sector public employees, leaving gaps in coverage for private and informal sector workers. The project, overseen by the Central Bank of Liberia, seeks to address these gaps by developing a national pension strategy and fostering a domestic institutional investor base.

Acting Executive Governor of the Central Bank of Liberia, Henry F. Saamoi, emphasised the project’s potential to improve Liberia’s capital market readiness and enhance the pension sector’s regulatory environment. AfDB Director for Financial Sector Development, Ahmed Attout, highlighted the alignment with the Bank’s goal of advancing efficient capital markets and mobilizing domestic savings.

Attribution: AfDB

Subediting: M. S. Salama