By Abdul Rahman Suagibu –
NEW AFRICA BUSINESS NEWS, Freetown, Sierra Leone- LIBERIA, African Development Bank’s (AfDB) Country Manager Dr. Orison Amu in Liberia and Samuel Tweah Jr – Liberia’s Minister of Finance and Development Planning, approved financing agreements for two projects.
Primarily, the Renewable Energy for Electrification in Liberia, about US$33 million firstly in the form of a grant from the AfDB and the Strategic Climate Fund’s scaling-up renewable energy programme, is to strengthen renewable energy sector growth.
The funds will be directly directed, to the construction of a mini dam on the St. John River in Nimba County in Northeastern Liberia and the development of the Gbedin hydropower Falls with a total capacity of 9.34MW of power, to be transmitted through eight kilometres, 33kV line connecting 7,000 households.
This system would give access for grid expansion to isolated communities and support the connection of schools, health centers, businesses and industries to the national grid, increasing the rural electrification rate in Liberia.
Minister Samuel Tweah Jr stated that, the project has been slated for completion by 2024, would help unlock one of the main constraints to economic development — access to a reliable, affordable and sustainable supply of electricity.
The second project – Support to Investment Promotion Agencies in Transition Countries – received approval for an additional US$1million to assist in promoting business investment in Liberia and building the capacity of the National Investment Commission. The funds will come from the Bank’s Transition Support Facility.
January this year, the Fund has 16 on-going and recently confirmed operations in Liberia with a total commitment of US$413 million . The active portfolio spreads over six sectors covering infrastructure, predominantly roads and energy.
For New Africa Business News Abdul Rahman Suagibu Reports, Africa Correspondent
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