TNR News-The African Development Bank (AfDB) has reaffirmed support to Liberia’s development and growth under the leadership of President Joseph Nyuma Boakai.
The Bank’s Executive Director, Rufus N. Darkortey, made the commitment recently during a visit to the country where he engaged in strategic discussions meant to foster sustainable growth under the new government.
AfDB’s strategic goal of providing support to nations’ developments aligns with the government’s development priorities, Darkortey, a Liberian himself, said during his first official visit since President Boakai’s election.
While here, he held separate meetings with top government officials, such as Vice President Jeremiah Kpan Koung and Speaker J. Fonati Koffa, focusing on leveraging AfDB’s support to enhance Liberia’s development course in line with President Boakai’s transformative vision for the country.
The Liberian leader, who expressed appreciation for AfDB’s substantial backing, assured him of his commitment to implementing critical reforms designed to accelerate national development by focusing on infrastructure and economic capacity building.
AfDB’s investment strategy in Liberia prioritizes key sectors that are vital for the country’s development.
Currently, 56% of the bank’s investments are directed towards the transport sector, which is crucial for improving regional connectivity and trade. Notable projects include the Fish Town-Harper highway, which is set to enhance economic integration and accessibility.
The energy sector also receives significant attention, with 28% of investments focused on projects like the CLSG transmission lines. These initiatives are vital for providing reliable electricity, which is essential for economic development and improving the quality of life for Liberians.
Agriculture, a cornerstone of Liberia’s economy, accounts for 8% of AfDB’s portfolio. The focus is on boosting food security and rural development through initiatives that enhance
Productivity and strengthen value chains. This sector is crucial for ensuring that growth is inclusive and benefits rural communities.
Mr. Darkortey underscored the importance of enhancing Liberia’s fiscal capacity to support sustainable development, and urged the Liberia Revenue Authority and other entities to innovate and implement strategies to increase financial resources.
He said strengthening fiscal capacity will help reduce debt vulnerabilities and expand the fiscal space needed for development initiatives.
His meetings focused on Youth Entrepreneurship Investment Bank (YEIB), which seeks to empower youth and women by fostering a vibrant private sector.
This initiative seeks to support SME growth, making youth-led businesses more viable and increasing access to financing, thereby addressing unemployment and economic fragility.
Infrastructure projects such as the Liberty Corridor and Coastal Highway are also part of AfDB’s support under President Boakai’s ARREST Agenda. These projects, with an investment of $3-$5 billion, are expected to significantly improve infrastructure, facilitate trade, and boost investment, thereby enhancing access to essential services across the country.
AfDB’s mission underscores its unwavering commitment to Liberia’s development as it embarks on a new era of growth under President Boakai’s leadership, and Darkortey’s visit reinforced the Bank’s strategic role in supporting Liberia’s national priorities, setting the stage for future collaborations.
His interaction with Liberia’s leadership highlights the bank’s dedication to making a tangible impact, paving the way for a more prosperous future for all Liberians.
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