The African Development Fund (ADF) has approved a $34.74 million grant and loan to accelerate the adoption of renewable energy and climate action programmes in Liberia.
The loan will support two projects namely the Renewable Energy for Electrification in Liberia and the Support to Investment Promotion Agencies in Transition Countries.
The Renewable Energy for Electrification in Liberia will leverage more than $33 million of the grant to support renewable energy sector growth.
For instance, a mini dam will be constructed on the St. John River in Nimba County in northeastern Liberia and the Gbedin hydropower Falls will be developed. The hydropower Falls will have a total capacity of 9.34MW which will be transmitted through an 8 km, 33kV line to some 7,000 households.
The projects are part of efforts to expand the country’s grid network as well as to improve rural electrification.
The projects are expected to be completed by 2024.
The Support to Investment Promotion Agencies in Transition Countries – received approval for an additional $1 million to assist in promoting business investment in Liberia and building the capacity of the National Investment Commission. The funds will come from the Bank’s Transition Support Facility.
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Dr. Orison Amu, the African Development Bank’s Country Manager in Liberia, said: “As a Bank, we understand the challenges faced by Government and the efforts underway to attract Foreign Direct Investment,” said Amu. “This project aims at contributing to those ongoing efforts by (the Liberian) government.”