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Thursday, July 25, 2024

Liberia: Liberia Secures $80 Million in World Bank Financing

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The Government of Liberia, through the Ministry of Finance & Development Planning (MFDP), has signed two separate financing agreements with the World Bank, securing a total of $80 million in funding.

The first agreement, worth $30 million from the International Development Association (IDA) credit, will be allocated to enhancing governance reform and accountability in the public sector.

The second agreement, amounting to $45 million, will finance the strengthening and expansion of the Liberia Electricity Sector to the leeward counties. Additionally, the country has been awarded a $5 million Trust Fund grant.

Speaking at the signing ceremony on Wednesday, July 3, 2024, Finance and Development Planning Minister Boima S. Kamara emphasized the importance of energy as the driving force behind the National Development Agenda (ARREST Agenda for Inclusive Development). He explained that energy impacts various sectors, including agriculture, the rule of law, rural infrastructure, sanitation, and tourism development, all for the benefit of the Liberian people.

World Bank Country Manager Georgia Wallen highlighted that the financing agreements aim to enhance transparency and boost domestic resource mobilization. She noted that the Liberia Electricity Sector Strengthening and Access Expansion Project is designed to provide energy access to 500,000 people in rural areas.

Mines and Energy Minister J. Wilmot Paye described the signing as a significant expansion of the energy sector and encouraged government agencies to prepare for the transition from a post-pay to a pre-pay regime for the purchase of electricity.

Deputy Finance Minister for Economic Management, Dehpue Y. Zuo, emphasized that governance reform and transparency are central to the effort, and that developing capacity within the civil service is essential to reducing Liberia’s dependence on external expertise.

The Executive Director of Rural Renewable Energy, Samuel D. Nagbe, and the Chief Executive Officer of the Liberia Electricity Corporation (LEC), Monnie R. Captain, also highlighted the importance of government intervention in the energy sector, which is crucial for providing affordable energy to schools, healthcare centers, and other public facilities.

 

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