The African Development Fund’s Board of Directors, the African Development Bank Group’s concessional window, approved funding of $12.13 million on Wednesday to fund additional activities under the Bank-sponsored Fish Town-Harper Road Project in Liberia.
The money will come from savings achieved during the first phase of the project, which was approved in 2013.
The savings come from three sources: a $2.01 million Transitional Support Facility grant from the Bank Group, a $9.39 million loan from the African Development Fund, and a $0.73 million loan from the Nigeria Trust Fund.
The new activities entail the development of additional socio-economic infrastructure, including upgrading about 11.5 kilometers of road and supporting women and youth associations to promote local products.
The road project forms part of rehabilitation works on a 160.5 km stretch funded by the Bank along the 510 km corridor from the north-eastern town of Ganta to Harper in the south-eastern part of the country.
The African Development Bank’s Country Manager for Liberia, Benedict Kanu, noted the timeliness and significance of the resources made available for the project.
He praised the Liberian government’s unwavering commitment to building priority infrastructure.
“Poor physical infrastructure is a critical barrier to reducing poverty and accelerating growth in Liberia.
Therefore, the funds approved will go a long way in financing much-needed road infrastructure in remote parts of the country.
By so doing, the project will facilitate a vital driver of growth, transformation, and reduction in inequality in the country,” Kanu stressed.
As of February 2022, the African Development Bank Group has 16 ongoing operations in Liberia, representing a total commitment of $390 million.
Kwasi Kpodo
Communication and External Relations Department
African Development Bank
email:w.kpodo@afdb.org