Rédaction Africa Links 24 with New Dawn
Published on 2024-03-07 23:16:51
A high-powered delegation from the International Finance Corporation (IFC) of the World Bank visited Vice President Jeremiah Kpan Koung at his office in Monrovia on March 7, 2024. The delegation was led by Madam Dahila Khalifa, the Regional Director for Central Africa and Anglophone West Africa for the IFC. During the meeting, Madam Khalifa expressed the IFC’s commitment to supporting the Government of Liberia in unlocking the potential for private sector expansion.
Madam Khalifa highlighted investments in energy and agriculture as key sectors for the development of the private sector and job creation in Liberia. She specifically mentioned the SCATEC Solar Energy project, which aims to produce 20 megawatts per solar plant to address Liberia’s energy challenges. However, she noted that land acquisition remains a challenge for the project to commence. Madam Khalifa emphasized that the solar project could provide an immediate solution to the energy crisis in the country.
The IFC’s Regional Director also expressed the organization’s willingness to support agriculture in Liberia to enhance value addition and improve manufacturing. She pointed out that while the government’s ARREST vision addresses various sectors of the economy, it falls short in addressing the crucial energy sector, which is essential for economic growth and development.
Vice President Koung echoed the importance of agriculture as a gateway to strengthening the private sector, noting Liberia’s favorable climate and abundant natural resources that can attract investment. He emphasized the need for public-private partnerships in the energy sector, with the government focusing on power generation and private companies leading the distribution process. Vice President Koung highlighted the significance of electricity in processing, storing, and packaging commodities for both local markets and exports.
Acknowledging the challenges in the agricultural sector, Vice President Koung identified high-interest rates on loans from commercial banks as a factor contributing to debtors’ inability to service their loans. He pledged to collaborate with relevant authorities to expedite the land acquisition process for the SCATEC Solar Energy project.
The IFC, as the World Bank’s private sector arm, provides financial support to businesses in the private sector to create investment opportunities and jobs. With an investment portfolio of $17 million in Liberia, the IFC plays a vital role in facilitating economic development in the country. Madam Khalifa and the delegation are expected to engage in further discussions with government officials and stakeholders during their visit to Liberia.
Overall, the meeting between the IFC delegation and Vice President Koung highlighted the importance of energy and agriculture in driving economic growth and creating employment opportunities in Liberia. Through collaboration and strategic partnerships, both the public and private sectors can work together to address the challenges and unlock the potential for sustainable development in the country.
Read the original article on The Newdawn Liberia
