World Bank commits US $500m towards roads projects in Liberia

World Bank commits US $500m towards roads projects in Liberia

The World Bank has agreed to offer the Government of Liberia an initial US $500m for road projects across the country. This is according to Information Minister, Lenn Eugene Nagbe.

The Information Minister, Mr Nagbe said the government is considering the offer in a positive manner adding that modalities are ongoing to ensure that the money is made available. Upon a reached agreement between the Liberian Government, the IMF, African Development Bank and the World Bank, Nagbe disclosed that they will pull money together for road projects as well.

Also read: MPs now want U.S $2.2b loan for road construction in Liberia

“We are yet to conclude the agreement; the Minister of Finance is leading the discussion, but we have been given an offer where the government will pay a concessional interest rate over a very concessional period at 0.5% interest rate, which is very minimal,” said Lenn Eugene Nagbe.

Loan agreement

Minister Nagbe dismissed speculations that the government was abandoning the two previous loan agreements, since the World Bank made the commitment and emphasized that the agreements are laws and they would be used to development road across the country.

He further elaborated that ambassadors from countries including America and China and representatives of development partners requested President George Weah not to expand the country’s borrowing space.

According to him, President Weah instead asked the ambassadors to help provide money to execute road projects across the country, since they want him to borrow in a sustainable way.

 

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