Liberia’s Finance and Development Planning Minister, Samuel Tweah, has signed major financing agreements on the sidelines of the World Bank/IMF 2019 Annual Meetings in Washington, DC.
The deals are part of the government’s effort to bolster the country’s economy through infrastructure development and growing the private sector.
Under the World Bank Southeastern Corridor Road Asset Management Project, a US$20 Million grant agreement was signed between the GoL and the World Bank for the reconstruction of the Ganta to Tapita highway in Nimba County.
Under Opec Fund for International Development (OFID), the Minister signed a US$25M concessional facility for the reconstruction of the Kornea -Voinjama highway in Lofa County.
The OFID signing complements other agreements the Liberian government has sealed for the Lofa corridor – including with the Kuwaiti Fund and the Arab Bank for Development in Africa (BADEA) – in its push to connect the crucial northern county. This deal now fully completes the financing of the road in the area.
Minister Tweah also signed an agreement dubbed the Private Sector Window, which allows the Private Sector in Liberia to access OPEC funding at concessional rates.