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Home Business News Economy

World Bank and Liberia Ink $30 Million Deal to Boost Transparency and Expand Electricity Access

by The Liberian Investigator
July 4, 2024
in Economy
Reading Time: 4 mins read
0
World Bank and Liberia Ink $30 Million Deal to Boost Transparency and Expand Electricity Access

World Bank Country Manager, Georgia Wallen, Finance Minister, Boima Kamara

MONROVIA — The World Bank and Liberia have signed two agreements valued at US$30 million for the strengthening of institutions of transparency, accountability, and the expansion of electricity supply to 500,000 customers in the country.

The Country Manager of the World Bank, Miss Georgia Wallen, signed on behalf of her institution, while the Minister of Finance and Development Planning, Boima Kamara, signed on behalf of the Liberian government.

Speaking during the signing ceremony, the World Bank Country Manager, Georgia Wallen, said the signing of the two agreements is in line with the government’s ARREST agenda. She assured the Liberian government that the World Bank will continue to stand by Liberia, especially in solving problems in the electricity sector.

Miss Wallen described the two projects as a milestone since her inception as Country Manager of the World Bank and the Joseph Boakai administration because her institution sees these projects as central to moving forward the ARREST agenda.

“These projects are basically turning on the light in different and complementary respects,” she said, adding: “The first project is about governance, reform, and accountability transformation. It is about turning on the light in terms of transparency and accountability, bringing the government closer to the Liberian people.”

“It will help strengthen accountability institutions and also support the government’s effort in domestic resource mobilization. We are aiming to support your efforts to reach 2.15 million people with digitally enabled services through this project by the end of six years.”

“Secondly,” she went on, “the Liberia Electricity Strengthening Project is a multi-phase approach, and this is the second phase because the first phase was in 2021. We are excited because this project will extend access to electricity to new communities and 500,000 people, and it will increase 900,000 new connections.”

According to her, it will also extend electricity to the hardest-to-reach areas and strengthen LEC’s operational capacity.

For his part, Finance and Development Planning Minister Boima Kamara described the project as great because it talks about accountability, transparency, governance, reforms, and strengthening capacities.

“I see the signing of these two agreements as a driver of President Joseph Boakai’s ARREST agenda because energy cuts across the rule of law, agriculture, increased infrastructural development, education, health, and the vehicles that we ride.”

He added that the government believes that the signing of these two agreements is a testimony to the Boakai administration’s vision of a foreseeable and greater future.

According to Minister Kamara, with the addition of the 30 million USD agreement, it will bring the World Bank support in the energy sector to about 80 million investments that the global financial institution will be making in the country in recent years. Kamara indicated that the signing of the 30 million is just part of a bigger envelope that is yet to come because the board of directors of the World Bank has approved 190 million United States Dollars to be used in Liberia in 2024.

The Finance and Development Planning Minister thanked the World Bank, on behalf of President Joseph Boakai, the government, and the people of Liberia. Minister Kamara assured the World Bank that the money will be used for its intended purposes because it will go a long way in providing electricity to the populace and exhibiting transparency in the country.

Also speaking, the Minister of Mines and Energy, Wilmot Paye, said the signing of the agreement on the energy sector is an indication that the environment in the energy sector is improving in the country. This is a signal that Liberia is on the right track as evidenced by the cooperation and responses from international development partners in the electrical sector.

Remarking during the program, the Managing Director of the Liberia Electricity Corporation, Monie Captan, thanked the officials at the World Bank and the Finance Ministry for successfully negotiating that yielded the signing of the two agreements.

“Electricity is so important because it is cross-cutting in all aspects of development in our country,” he said, adding: “We are very happy because the World Bank has agreed to work with the Liberian government so that we can develop the electricity sector more because of the economic benefits.”

“Most of the time, we only look at the financial benefit, but we do not take into consideration the long-term economic benefits, and this is something that we need to keep our eyes on.” According to him, the resources needed to make electricity available to all have overwhelmed the government and it is based on this back.

The program, which was held on the tenth floor of the Ministry of Finance and Development Planning, was graced by Wilmot Paye, Minister of Mines and Energy; Monie Captan, Managing Director, Liberia Electricity Corporation; and others.

Tags: ARREST AgendaBoima KamaraGeorgia WallenWorld Bank
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