Energy Compact reached between Liberia and the World Bank will mobilize a total investment of $1.3 billion, with an immediate allocation of $800 million designated for the expansion of the St. Paul Hydro Project .
The World Bank’s commitment represents a vital step towards increasing electricity access for millions of Liberians, the presidency said in a statement late Wednesday.
Under the Compact, the goal is to expand energy access to an additional 100,000 households annually, a substantial increase from the previous 70,000.
The initiative is designed to help Liberia achieve 75% national electricity coverage by 2030, a remarkable rise from the current figure of 32.7%.
“This Energy Compact is a game-changer. We are determined to ensure that these investments translate into tangible improvements in the lives of our people,” President Joseph Boakai said upon returned from the Africa Energy Summit in Tazania.
With the World Bank’s support, Liberia aims not only to enhance its energy infrastructure but also to foster sustainable economic growth and industrialization. T
he Compact is aligned with the broader vision outlined in the Dar es Salaam Declaration, aimed at providing electricity access to an additional 300 million people across Africa by 2030.
