Liberia, Germany Sign 25 million Euros Financing Agreement

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Acting MFDP's Minister Kollie and Ambassador .jpg

The government of Liberia through the Ministry of Finance and Development Planning (MFDP) on Wednesday, January 13, signed a 25 million euros financing agreement with the German government. The fund will contribute to Liberia’s socioeconomic development.

Signing on behalf of the Liberian government at the Finance Ministry, Acting Minister James F. Kollie said the German assistance will go a long way in supporting Liberia’s energy sector to bring about increased economic growth.

He said out of the amount, 10 million euros will be used to support the rehabilitation work of the Mount Coffee Hydro Power Plant, while an additional 10 million will help to advance the West African Power Pool’s transmission distribution activities in the four Mano River Union countries of Liberia, Guinea, Sierra Leone and the Ivory Coast.

“That amount will help these countries greatly to trade power, thus reducing the cost of power and improving economic activities, while the balance 5 million will support the country’s post Ebola recovery program,” Dr. Kollie added.

He said that cheap energy brings value, which leads to job creation, economic transformation and competitive advantage. He thanked the German government for its continuous support.

German Ambassador to Liberia, Ralph Timmermann expressed gratitude for the institutional partnership that exists between the two governments, and the level of development already achieved.

He said the fruit of the partnership and friendship between the two countries will again be realized at the end of 2016 when the Mount Coffee Hydro will be in operation to increase employment and investment.

“That will be great blessing for the people of Liberia, and for the good of the economy as investors will want to invest in the country,” he noted.

Ambassador Timmermann said the agreement is being realized following Liberia’s resilience against the Ebola virus disease (EVD) and a visit to Liberia by officials of the German government to ascertain the progress, results and challenges in Liberia.

“My government will continue to support the energy and infrastructure sectors, which will benefit the Liberian people,” he said.

He assured the government of his country’s commitment to the post Ebola recovery of the country by strengthening the health and energy sectors as well as its infrastructural development.

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