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President Boakai Negotiates €50 Million EIB Loan for Rice Production in Liberia

by Lennart Dodoo
October 16, 2024
in Featured
Reading Time: 2 mins read
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President Boakai Negotiates €50 Million EIB Loan for Rice Production in Liberia

ROME, Italy – In his bid to improve agricultural development and food self-sufficiency, President Joseph Nyuma Boakai has engaged with leaders from the European Investment Bank (EIB) to secure a €50 million loan aimed at revolutionizing rice production in Liberia.

The negotiations in Rome included EIB Vice President for Public Sector in West and Central Africa, Gelsomina Vigliotti, and key team members Felipe Ortega Schllingmann, Head of Bioeconomy Division, and Senior Economist Blanca Amado Nin.

President Boakai, who is currently in Rome attending the World Food Forum, expressed his administration’s dedication to this cause, highlighting it as a cornerstone of the government’s ARREST Agenda, which aims to rejuvenate agriculture and sustainable economic growth. “This project is not just an investment in agriculture but a foundational step towards ensuring food security and economic stability for our nation,” stated President Boakai.

Vigliotti reassured President Boakai of the EIB’s commitment to starting the investment program promptly once the discussions conclude, emphasizing the bank’s support for Liberia’s journey towards agricultural self-sufficiency. The support from the EIB is seen as a crucial endorsement of Liberia’s potential to manage its food resources effectively.

Dr. J. Alexander Nuetah, Liberia’s Agriculture Minister, who also attended the meetings, reiterated the need for robust market access and improved irrigation systems. According to Dr. Nuetah, these elements are vital to increasing agricultural yield and profitability, which are central to the national development plan’s goals.

On Monday, President Boakai, while delivering the keynote address at the World Food Forum, called for global action to transform the food system to ensure sustainability and resilience against climate change. President Boakai highlighted the need for enhanced local food systems, climate resilience, and stronger global collaborations to safeguard food security.

Tags: European Investment BankFood securityPresident Joseph BoakaiRice Production
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Lennart Dodoo

Lennart Dodoo

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