MONROVIA -- Liberia and the African Development Bank on Wednesday signed a US$16.7 million loan agreement to strengthen fiscal sustainability, improve mining sector governance and support economic reforms under President Joseph Nyuma Boakai's administration.
The agreement marks the first phase of a two-year program designed to bolster Liberia's economic governance, enhance domestic revenue generation and increase transparency in the management of the country's natural resources.
Speaking at the signing ceremony, Finance and Development Planning Minister Augustine Kpehe Ngafuan described the agreement as another milestone in the longstanding partnership between Liberia and the AfDB. He praised the bank for its continued support to Liberia's development agenda, particularly in infrastructure, economic recovery and postwar reconstruction.
"This program comes at a critical time as we intensify efforts to strengthen economic governance and maximize national revenues, particularly from the mining sector," Ngafuan said. "Our goal is to ensure that Liberia's natural resources and economic potential translate into meaningful improvements in the lives of our citizens."
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The minister said the agreement aligns with the government's ARREST Agenda for Inclusive Development and complements ongoing reforms to improve public financial management and economic resilience.
Ngafuan also highlighted the AfDB's support for several major initiatives, including infrastructure projects, domestic resource mobilization programs, debt management assistance and private-sector financing. He pointed to the proposed Youth Entrepreneurship Investment Bank, expected to support up to 30,000 youth-led businesses and create more than 100,000 jobs, and the Special Agricultural Processing Zones initiative designed to accelerate agricultural transformation and value addition.
On behalf of Boakai, Ngafuan reaffirmed the administration's commitment to reforms that promote sustainable growth and economic stability.
Representing the AfDB, Country Manager Rees Mwasambili said the program will support high-impact reforms focused on strengthening public institutions and improving accountability.
"These reforms are essential to creating the fiscal space required for the Government to deliver critical public services in a transparent and accountable manner," Mwasambili said.
He said the program will focus on enhancing domestic revenue mobilization, strengthening public debt management, improving procurement systems, reinforcing anti-corruption measures and increasing oversight and transparency in Liberia's mining sector.
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Mwasambili said close collaboration between the government and development partners will be key to successful implementation and to delivering tangible benefits to the Liberian people.
The agreement reinforces the AfDB's commitment to supporting Liberia's economic transformation while promoting accountable governance and sustainable development.
