7 December 2012

Liberia: Finance Ministry Sets Record Straight

The Ministry of Finance wishes to clarify that it is currently finalizing Credit Agreement with the European Investment Bank in the amount of US $65 million and not US $875millionas was reported, for the rehabilitation of the Mount Coffee hydro dam.

The Ministry of Finance also wishes to clarify that the US $65million is a loan and not a grant as was reported in its Tuesday release. Meanwhile, the Ministry of Finance has made investments in the Public Sector Investment Plan (PSIP) of the budget expenditure payment which focus on the Mount Coffee (US$3.1m);construction of new Heavy Fuel Oil Plant (HFO) US$15m; and the rehabilitation of various roads at US$12m.

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