The government and the African Development Bank on Wednesday, officially signed a US$16.7 million loan agreement, aimed at boosting Fiscal Sustainability and Mining sector Governance in Liberia.
The signing marks an important step in the ongoing partnership between Liberia and the AfDB that focuses on strengthening governance, revitalizing the economy, and ensuring inclusive and sustainable growth.
The agreement represents the first phase of a two-year programmatic approach, underscoring the Bank's sustained commitment to supporting Liberia's ARREST Agenda for Inclusive Development, known as the AAID.
Follow us on WhatsApp | LinkedIn for the latest headlines
Speaking at the signing ceremony, the Minister of Finance and Development Planning, Hon. Augustine Kpehe Ngafuan, representing the Government of Liberia, expressed appreciation for the Bank's continued support, describing the agreement as another strong testament to the enduring partnership between Liberia and the AfDB.
Minister Ngafuan acknowledged the Bank's longstanding role in Liberia's development, particularly in post-war reconstruction and infrastructure development, including major road connectivity projects like the signing of an 18 million agreement to improve domestic resource mobilization as part of efforts to support fiscal reforms under the Boakai's administration.
He also stressed ongoing collaboration with the Bank in key sectors such as: Infrastructure development, including road and coastal highway projects, Domestic Resource Mobilization initiatives, Debt management support through regional facilities, and Private sector development through non-sovereign financing windows.
Minister Ngafuan went on to mention some initiatives supported by the AfDB, including the Youth Entrepreneurship Investment Bank (YEIB), which is expected to support up to 30,000 youth-led businesses and generate over 100,000 jobs, and the Special Agricultural Processing Zones, aimed at advancing agricultural transformation and value addition.
"This program comes at a critical time as we intensify efforts to strengthen economic governance and maximize national revenues, particularly from the mining sector," the Minister Ngafuan stated. "Our goal is to ensure that Liberia's natural resources and economic potential translate into meaningful improvements in the lives of our citizens."
Minister Ngafuan also conveyed appreciation on behalf of President Joseph Nyuma Boakai, reaffirming the President's commitment to implementing reforms that will drive sustainable development and economic resilience.
For his part, AfDB Country Manager Rees Mwasambili, who represented the Bank, revealed that the program will support practical and high-impact reforms, including Enhancing domestic revenue mobilization, strengthening public debt management, improving public procurement systems, reinforcing anti-corruption measures and Increasing oversight and transparency in the mining sector
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
"These reforms are essential to creating the fiscal space required for the Government to deliver critical public services in a transparent and accountable manner," Country Manager Mwasambili noted.
He further highlighted the importance of collaboration with development partners to ensure successful implementation and tangible results for the Liberian people.
