The World Bank has announced that the Central Bank of Liberia (CBL) has joined the Reserve Advisory & Management Partnership (RAMP), a global initiative aimed at enhancing public asset management in lower-income, fragile, or conflict-affected countries. This partnership was formalized through a technical assistance agreement between the Central Bank of Liberia and the World Bank in Washington, DC.
The collaboration is part of a World Bank Group multi-donor trust fund established in late 2023. This fund allows the RAMP program to offer the World Bank’s public asset management expertise to nations that encounter obstacles when attempting to join. Jorge Familiar, World Bank Vice President and Treasurer, expressed his appreciation for CBL's participation: “We are honored to welcome the Central Bank of Liberia to RAMP. Their joining reflects the growing demand for high-quality asset management support and recognition of the World Bank as the trusted partner for public asset managers. With support from our development partners through the donor-funded trust fund, we can extend RAMP’s benefits to countries where it is needed most.”
Henry F. Saamoi, Executive Governor and Chairman of the Board of Governors of the Central Bank of Liberia, highlighted the significance of the partnership for Liberia: “Joining the World Bank RAMP is a significant step forward for Liberia. This partnership will enhance our capacity to manage public assets effectively, ensuring stability and fostering growth. We are committed to implementing reserve management best practices to benefit the Liberian people.”
Georgia Wallen, the World Bank Country Manager for Liberia, underscored the importance of the collaboration: “We are proud to support the Central Bank of Liberia in building institutional capacity and advancing financial resilience. This collaboration is a testament to our shared commitment to robust reserve management as a foundation for development.”
The World Bank RAMP initiative, established in 2001, provides advisory services, executive training, and asset management support to a global network of public asset managers. It contributes to the Sustainable Development Goals and helps countries achieve stability and prosperity through effective public asset management. The program has advised over 100 public institutions, training more than 10,000 public asset management professionals.
The World Bank, a leader in global fixed income and public asset management, manages nearly $200 billion in assets and has been advising member countries on asset management since the early 1980s. With central banks and public asset managers managing over $40 trillion in assets worldwide, the World Bank’s role underscores the need for high-quality asset management and advisory services.