- World Bank approves $40 million funding for development in Liberia
- To support IGDPO development programmes
- Funding to make electricity tariffs affordable for the country’s poor
The World Bank has approved funding for Liberia’s Inclusive Growth Development Policy Operations (IGDPO). The $40 million funding will provide support for the IGDPO development projects and reforms in Liberia. The funding is co-funded by the International Development Association (IDA) concessional credit of $20 million and an IDA grant of $20 million. The IGDPO reforms will support projects in some sectors, including the electricity sector.
The Liberia Country Manager, Dr Khwima Nthara, has said, ”The continued implementation of critical policy reforms in sectors such as energy and agriculture helps create a conducive environment for transformative investments being made in these sectors by the Government, with support from development partners”.
The IGDPO funding will help reduce power theft and commercial losses at the Liberia Electricity Corporation (LEC) and also facilitate affordable electricity tariffs for poorer households, among other benefits. The reforms are in line with Liberia’s Pro-Poor Agenda for Prosperity and Development.