Million for Liberia: Additional Funding for Liberia's
Post war Reconstruction
DC, October 11, 2010
World Bank Vice President for the Africa
and Liberian officilas including Finance
Minister Augustine Ngafuan, Planning Minister
Amara Konneh, and Minister of State without
Portfolio Natty B.Davis
World Bank has announced additional development
funding of US$39 million for Liberia in the coming
year. The announcement was made on Sunday October
10 by Mrs.Obigeli Ezekwesili, the World Bank Vice
President for the Africa Region during a meeting
with the Liberian delegation attending the ongoing
Annual Meetings of the World Bank and International
Monetary Fund in Washington DC, the United States.
release from the Media Services and Public Affairs
Unit of the Ministry of Finance said 30.8 million
US Dollars of the amount will go towards the Monrovia-Ganta
road project. The remainder of the amount will
be applied to the power and other key economic
Ezekwesili said the additional funding will be
disbursed through the Bank's International Development
Association (IDA) grant program. Earlier, the
bank's Vice President assured that progress on
the Monrovia-Buchanan road will continue unhindered
and promised that all is well on course for the
Monrovia-Ganta road reconstruction project.
Ezekwesili also commended Liberia for the level
of fiscal discipline and prudent economic management
that enabled the country to reach HIPC completion
point in a comparatively short space of time.
She said the bank is impressed with the progress
Liberia has made in the implementation of the
Poverty Reduction Strategy and said the bank looks
forward to working with Liberia in crafting its
new economic development plan.
earlier Finance Minister Augustine Kpehe Ngafuan
and head of the Liberian delegation briefed the
bank on the progress Liberia is making in public
financial management and general economic reforms.
Minister Ngafuan said the country has a set of
priorities that is driving its development agenda.
He named infrastructure, principally roads, ports
and energy, as constituting the bedrock of Liberia's
growth and development strategy, and called on
the World Bank Group to assist in putting these
priorities on the fast track to implementation.
Ngafuan then commended the Bank for the role it
is playing in Liberia's recovery and development.
He said the President Ellen Johnson Sirleaf, the
Government and people of Liberia appreciate the
World Bank's continuing partnership both at the
bilateral and multilateral levels. Minister Ngafaun
told the meeting attended by World Bank's senior
directors and policy advisors for Africa that
while Liberia continues to look forward to financial
and technical assistance from its partners, including
the World Bank, its approach in the medium and
long terms is to diversify the sources of financing
for infrastructure through partnership. He said
to the extent that the nation can afford, it would
not hesitate to contribute domestic revenue resources
to the development of critical infrastructure
such as roads, power and ports.
concluded by assuring the World Bank African Vice
President that the Government of Liberia will
remain on track with its policy of transparency
and accountability in economic and financial governance
speaking at the meeting, Planning & Economic
Affairs Minister Amara Konneh formally presented
to the World Bank the second implementation report
of the Lift Liberia Poverty Reduction Strategy.
Minister Konneh in his briefings stated that plans
were already underway to develop a second PRS,
but one with a longer term and strategic focus.
He also highlighted the need to boost youth employment
in the country. He concluded his remarks by asking
the World Bank's assistance through the EITI to
develop a strategic framework for managing revenues
from natural resources such as petroleum.
members of the Liberia delegation that attended
the meeting were the Minister of State without
Portfolio Natty B.Davis, Liberia's Adjunct-Ambassador
William Bull, and other members of the Liberian