The World Bank Group has made an initial commitment of $300 million for the construction of the St. Paul River Hydro Electric Power Plant in Liberia. The initial commitment was made to Liberia Electricity Corporation (LEC).
The World Bank says it remains committed to collaborating with the Government of Liberia through the LEC management led by its acting CEO Monie Captan, key stakeholders, and development partners in ensuring that the vision for the construction of the St. Paul River Hydro Electric Power Plant otherwise known as “SP2,” is achieved.
World Bank’s Acting Country Manager, Liberia Office, Mr. Mulbah said, “We look forward to assembling a mobilization team. That will investigate options leading to financial closure. Including planning significant events, donor coordination meetings, and an investment forum. We also look forward to establishing a joint government and partner relationship in terms of finance. We want to reassure you that our technical help is always available. And that we will continue to support this endeavor financially because we are in this with you.”
Remarks on the proposed Hydro Electric Power Project in Liberia
In his remarks, Mr. Mulbah thanked the Liberian government for its strong commitment to expanding access to less expensive and more affordable electricity for all Liberians. Furthermore, he stated that the purpose of the one-day meeting was to increase stakeholder participation in the Project.
Mr. Mulbah said, “The Liberian Government’s strong initiatives and long-term vision, which are reflected in the LEC financial performances, are crucial to the project’s overall goal. We are aware that the proposed cost of this project is very high. And that it requires significant investment in the areas of time, effort, financial, and technical resources.”
President George Manneh Weah’s legal advisor, Archibald Bernard, reiterated the government’s commitment to helping the LEC battle power theft. Mr. Bernard added that the government has been working relentlessly to change its strategic vision. In order to offer both the household and commercial sectors with inexpensive green energy from the beginning of Weah’s administration.
He pointed out that the President’s Pro Poor Agenda is built around the idea that stable, reasonably priced, and abundant green energy can satisfy social, economic, and environmental development goals and export surplus green energy to other African nations.