World Bank to fund Liberian highway project
Liberia's Ministry of Finance said that the latest commitment includes an initial contribution towards the road construction project, subject to bank board approval in May 2013.
If approved, the fund, which is being secured as part of the World Bank Country Partnership Strategy, will be included in the 2013-2014 National Budget.
The construction of the Ganta-Fish Town Highway will connect the neighbouring Fish Town-Harper Highway project, which is being financed by the African Development Bank (AfDB) and the Liberian Government.
The latest commitment was secured at the recent World Bank and IMF Spring Meeting, where the Liberian Finance Minister Amara Konneh insisted on the World Bank's intervention in supporting its medium-term development strategy, Agenda for Transformation (AfT).
According to the government, the investment in two key sectors, road and electricity, and is an important means to accelerate overall growth, as well as supporting AfT.
Liberia's Finance Minister Amara Konneh said that in a meeting with World Bank Africa that it is important to sustain economic growth and development through investment.
"Liberia has made tremendous progress towards its infrastructural development programme, out of which we have made infrastructure including energy our number one national priority," Konneh added.
In a similar development, the Ministry of Finance announced that the country has received $35m loan from the World Bank to expand its energy sector.