The World Bank Group Tuesday, June 25, 2024, announced the approval of a second disbursement of $45 million for Liberia's Renewable Energy Solar Power Intervention Project (RESPITE).
This announcement signifies a major step forward in Liberia's renewable energy efforts.
The project will finance the first 20-megawatt solar PV project and the expansion of the Mount Coffee hydropower plant, increasing its capacity from 88 megawatts to 129 megawatts.
The total budget for the project stands at $96 million. In a meeting with Vice President Jeremiah Kpan Koung, Mr. Ashish Khanna, Practice Manager for West and Central Africa at the World Bank Group, extolled President Boakai's visionary leadership in prioritizing energy as a catalyst for economic growth and development.
"Liberia has made tremendous progress in the energy sector and remains the only country in sub-Saharan Africa that has reduced distribution losses by 30%, with over half a million new connections to households," Mr. Khanna noted.
He emphasized that Liberia's recent achievements in the energy sector position the country favorably to attract private sector investments.
Vice President Koung expressed gratitude to the World Bank Group for its ongoing efforts to address Liberia's energy crisis.
"I want to thank the World Bank for all the support to Liberia, especially in helping us solve our electricity challenges. Your continuous support will help our country increase access to electricity", VP Koung added
According to a dispatch, VP Koung called for immediate interventions to mitigate electricity outages as the dry season approaches.
He reaffirmed the Government of Liberia's commitment to work with the World Bank Group to transform the lives of Liberians.
VP Koung is currently in Barcelona, Spain attending the 25th edition of the Africa Energy Forum.
The Forum scheduled for June 25-28, 2024, brings together senior government officials and private sector executives to explore opportunities for expanding public and private cooperation in the energy sector.
