Liberia Secures $57 Million World Bank Loan to Strengthen Power Sector
Liberia has secured a $57 million loan from the World Bank to modernize its energy infrastructure, including the Mount Coffee hydropower plant. The project aims to increase national electricity access to 75% by 2030 while expanding renewable energy capacity.
Why it matters
Infrastructure investment is critical for economic development in West Africa and highlights the role of international development banks in emerging markets.
email facebook linkedin twitter Whatsapp Liberia and the World Bank signed a $57 million financing agreement to support the RESPITE energy project and expand electricity access. The funding will modernize the Mount Coffee hydropower plant, increase national solar capacity to 30 MW from 20 MW, and deploy battery storage systems. Liberia aims to raise its electrification rate to at least 75% by 2030, from 32.7% currently, while increasing renewable energy's share of the power mix. Liberia and the World Bank have signed a $57 million financing agreement to support the RESPITE project, which aims to strengthen the country's energy sector, according to a statement issued by Liberia's Ministry of Finance and Development Planning on June 5.
The article provides a factual account of a financial agreement and its stated development goals.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in