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The African Development Fund has approved close to $35 million to be granted to the government of Liberia to boost renewable energy access and promote an attractive energy investment climate in the country.
Dr. Orison Amu, Chief Country Officer of the African Development Bank (AfDB) in Liberia, and Liberia’s Minister of Finance and Development Planning, H.E. Samuel Tweah Jr., have entered into funding agreements over two projects. Government officials, the Rural and Renewable Energy Agency, the National Investment Commission (NIC), partners and other stakeholders attended the signing ceremony on Wednesday.
“As a bank, we understand the challenges faced by government and the efforts underway to attract foreign direct investment,” said Dr. Amu.
The first project, Renewable Energy for Electrification in Liberia, will receive more than $33 million, largely in the form of a grant from the AfDB and from the Strategic Climate Fund. The funds will be used for constructing a mini dam on St. John River in Nimba County in northeast Liberia, as well as establishing the Gbedin hydropower Falls that will boast a total capacity of 9.34 MW to be distributed over an eight-kilometer, 33kV line connecting 7,000 households.
The second project, Support to Investment Promotion Agencies in Transition Countries, will receive an additional one million dollars toward the promotion of business developments in Liberia and building the capacity of the NIC. The funds will be obtained from the AfDB’s Transition Support Facility.
The project is scheduled to be completed by 2024 and serves to remove one of the main barriers to economic development, which is access to a reliable, affordable and sustainable power supply.