- World Bank signs financial agreements with Liberia
- To fund two electricity sector projects
- Projects to ensure universal and affordable access to electricity
The World Bank has signed financial agreements with Liberia for two electricity projects aimed at improving universal and affordable access to electricity in the country. The signing ceremony took place at the Boulevard Palace Hotel in Monrovia.
The projects to benefit from the funding include the Liberia Electricity Sector Strengthening and Access Project (LESSAP) and the Recovery of Economic Activity for Liberian Informal Sector Employment (REALISE) project. The projects are to get the amount of US$ 64.2 million and US$10 million respectively.
While speaking at the signing ceremony, the Country Director, World Bank Dr. Khwima Nthara said, the importance of the project to Liberia could not be over-emphasized. “It’s very difficult to see how the Liberian economy can be transformed without a bold approach to solving the energy problem. That is why we the World Bank at the World Bank together with other development partners decided to approach this problem systematically”, he stated.
“What we are signing today is the first phase of this multi-phase approach. Under this first phase of the MPA, we are mobilizing a total of US$64.2 million as follows: US$30 million in IDA resources, of which US$15 million is a grant and US$15 million in IDA credit, US$29 million of funding from the IDA scale-up window (SUW) in the form of an IDA credit, US$2.7 million of grant resources from the Japan Policy and Human Resources Development Fund, and US$2.5 million of grant resources from the Energy Sector Management Assistance Program Multi-Donor Trust Fund (ESMAP),” he added.