The African Development Fund has approved a $34.74 million grant to boost renewable energy access and promote investment climate in Liberia.
Under the first project called Renewable Energy for Electrification in Liberia, more than $33 million will be invested to support the growth of renewable energy in the country.
The funds will be utilized to construct a mini dam on the St. John River in Nimba County in northeastern Liberia, and the development of the Gbedin hydropower falls with a total capacity of 9.34 MW of power.
This would enable grid expansion to isolated communities and support the connection of schools, health centers, businesses, and industries to the national grid, increasing the rural electrification rate in Liberia.
Minister Samuel Tweah Jr. said that the project, scheduled for completion by 2024, would help unlock one of the main constraints to economic development which is, access to a reliable, affordable, and sustainable supply of electricity.
The second project – Support to Investment Promotion Agencies in Transition Countries – has received the approval for an additional $1 million to assist in promoting business investment in Liberia and building capacity of the National Investment Commission.
“As a bank, we understand the challenges faced by the government and the efforts underway to attract foreign direct investment,” said Dr. Orison Amu, the African Development Bank’s Country Manager in Liberia.
The AfDB has been one of the frontrunners in promoting renewable energy projects across the globe, especially in the African continent.
For instance, in December 2019, Mercom reported that the African Development Bank approved a $21.78 million (~₹1.54 billion) grant to the government of Sudan to promote the adoption of solar-powered irrigation pumps in the country.
Recently, the bank also sanctioned €138 million (~$153.5 million) for the Tunisian Company of Energy and Gas (STEG) to develop an electricity transmission network in Tunisia.
Image credit: By JonStrand – Own work, CC BY-SA 4.0
Anjana is a news editor at Mercom India. Before joining Mercom, she held roles of senior editor, district correspondent, and sub-editor for The Times of India, Biospectrum and The Sunday Guardian. Before that, she worked at the Deccan Herald and the Asianlite as chief sub-editor and news editor. She has also contributed to The Quint, Hindustan Times, The New Indian Express, Reader’s Digest (UK edition), IndiaSe (Singapore-based magazine) and Asiaville. Anjana holds a Master’s degree in Geography from North Bengal University, and a diploma in mass communication and journalism from Guru Ghasidas University, Bhopal.