Information Minister, Lenn Eugene Nagbe on Thursday, August 2, 2018 disclosed that the World Bank has agreed to offer the Government of Liberia an initial US$500 Million for road projects across the country.
Minister Nagbe told a news conference at the Ministry of Information that modalities are ongoing to ensure that the money is made available.
“We are yet to conclude the agreement; the Minister of Finance is leading the discussion, but we have been given an offer where the government will pay a concessional interest rate over a very concessional period at 0.5 percent interest rate, which is very minimal,” he said.
According to him, the government is considering the offer in a positive manner.
Minister Nagbe disclosed that when the agreement is reached between the World Bank and the Liberian Government, the IMF, African Development Bank and the World Bank will pull money together for road projects as well.
He explained that ambassadors from countries including America and China and representatives of development partners requested President George Weah not to expand the country’s borrowing space.
According to him, President Weah asked them at the meeting to help provide money to execute road projects across the country, since they want him to borrow in a sustainable way.
“So they have come back, since that discussion to say that the World Bank and other partners will give Liberia concessional financing agreement in a total of US$1 Billion at an interest rate around 0.5,” he added.
He further explained that the deal hasn’t been finalized, because “we have to sign and ratify it.”
Minister Nagbe noted that like other loan agreements, the deal with the World Bank is a law.
The Information Minister dismissed speculations that the government was abandoning the two previous load agreements, since the World Bank has made the commitment.
He noted that the three agreements are laws and they would be used to development road across the country.