Liberia's Finance and Development Planning Minister Amara Konneh says the cheap and affordable electricity will boost the country's economy.
He said the Mount Coffee Hydro Dam lighting up Monrovia in December of this year will mean that Liberia is on the verge of making strides in transforming the economy.
Minister Konneh spoke Monday, February 08, 2016 at the signing of two financing agreements between the Government of Liberia and the European Union.
The financing agreement is the European Union's support to the Liberian Government and it is in the amount of Euros 59 million. The two agreements will support Liberia's electricity program and also strengthen institutional capacity at the National Authorizing Office for coordination program.
Minister Konneh termed the signing of the agreement as productive and a milestone regarding the cooperation with the European Union.
He said the Liberian government is currently implementing the Agenda for Transformation (AFT), which is a five-year medium term strategy for the country rising Vision 2030.
The supports of the European Union, he said, is cardinal to facilitating economic growth, especially the component that has to do with the investment in the energy sector. "The essence of making cheap electricity the center piece of our development strategy is for economic transformation," Minister Konneh stated.
The availability of cheap and affordable electricity in the country, according to him, will boost economic activities across all sectors of the country's economy, stressing that small and medium size enterprises will experience growth.
Minister Konneh said access to cheap electricity will lead to the investment of factories, something he believes, will also contribute to employment for Liberians and increase productivity of goods and value added services in the economy.
The Mt. Coffee Hydro Electric Power Dam is expected to light up Monrovia on December 25, 2016 following years of repairs and rehabilitation works.
Speaking earlier, EU Ambassador to Liberia Tiina Intelmann said the EU is committed to working with the Government of Liberia to deliver the Agenda for Transformation. She said the EU support to the Government of Liberia is taxpayers' gift and there is no need to pay back.
Ambassador Intelmann added that the European Union expects the Government of Liberia to proceed with reforms.