World Bank to Provide US$210M Over Next 3 Years

0
2021

The Minister of Finance and Development Planning Samuel D. Tweah, Jr., at the head of the Liberian delegation at last month’s IMF/WB Springs Meeting in Washington, D.C., USA from April 16-22 has secured a renewed commitment of US$210 million from the World Bank Group, to support the government’s pro-poor development agenda.

The World Bank Group reiterated its commitment in supporting the Government of Liberia through a total of US$210 million financing during the next three years, with a combination of budgetary support and technical assistance.

According to a press release from the Finance Ministry, the Bank and other development partners reasoned with Min. Tweah’s impressive presentation of the country’s medium-term macroeconomic prospects and short-term challenges and agreed on the importance of their roles in supporting the country’s development goals.

While in the U.S., the delegation held over 25 meetings with multiple development partners, foreign government representatives, and business leaders interested in investing in Liberia. During these meetings, Minister Tweah presented the country’s macroeconomic outlook and its public investment aspirations, highlighting the massive need for infrastructure in the country, particularly roads, while laying out the opportunities that Liberia can present to aspiring private investors.

Among several meetings held by the Liberian delegation were discussions with International Monetary Fund’s African Department Director Abebe Selassie; the World Bank’s Africa Vice President Mr. Makhtar Diop; USAID’s Senior Deputy Assistant Administrator Cheryl Anderson; and the U.S. State Department’s Deputy Assistant Secretary for International Finance and Development Roland DeMarcellus.

Also, in furtherance of the government’s efforts to enhance a thriving private sector in Liberia as a fundamental drive of the country’s development, the delegation held meetings with representatives of GE (General Electric) Africa, the International Finance Corporation, the Corporate Council of Africa, among others. Tweah thereafter honored an invitation from the Corporate Council of Africa to address its constituents during an event held in Washington, D.C., on April 18 during which he outlined the enormous investment opportunities that Liberia can offer to investors in the area of roads, energy, telecommunications, ICT, etc.

The Corporate Council of Africa (CCA) is a nonprofit, membership-based organization established in 1993 to promote business and investment between the United States and the nations of Africa.

The Spring Meetings of the Boards of Governors of the International Monetary Fund (IMF) and the World Bank Group (WBG) bring together central bankers, ministers of finance and development, parliamentarians, private sector executives, representatives from Civil Society Organizations (CSOs) and academics to discuss issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness.

Also featured are seminars, regional briefings, press conferences, and many other events focusing on the global economy, international development, and the world’s financial system.

Also forming part of the delegation to the IMF/WB 20 Spring Meeting were: Minister of Agriculture Mogana S. Flomo, Jr.; Minister of State Without Portfolio Trokon Kpui ; Minister of Information Lenn Eugene Nagbe; President of the Liberia Bank for Development and Investment John B.S. Davies; Deputy Minister for Economic and Debt Management at MFDP Augustus J. Flomo; Director of Debt Management Unit Frederick B. Krah; Mle-Too Wesley, Principal Policy Advisor to the Minister, Mle-Too Wesley and Chief of Staff to the Minister of Finance and Development Planning Cletus T. Noah.

Meanwhile, while in the U.S., Minister Tweah and team held two separate consultations with Liberian communities in Philadelphia and Minnesota. The consultations were aimed at soliciting the inputs of the Liberian Diaspora in the U.S. as part of the government’s broad-based consultations in the development of a roadmap for the “Pro-poor Agenda for Development and Transformation.”

Authors

LEAVE A REPLY

Please enter your comment!
Please enter your name here