Liberia Receives US $30m For Investment

Posted 26 May 2006 @ 01:40 pm EET     Print     Reprint     E-Mail     Comments

Monrovia (IBTimes.com) - Negotiations have been successfully concluded for a World Bank grant of US$30 Million to Liberia for emergency road repair and water rehabilitation, a release from the Ministry of Public Works says.

The release said, this follows three days of discussions held recently at the World Bank Headquarters in Washington D.C. between a group of Liberian government officials led by Public Works Minister Willis D. Knuckles, Jr. and a team of World Bank experts, headed by Mr. Ben Gericke.

Other members of the Liberian delegation included Justice Minister Frances Johnson Morris, Deputy Finance Minister Francis Karpeh and Liberia Water and Sewer Corporation Managing Director Nathan Tulay.

The Public Works release noted further that disbursement of the grant will begin shortly after the June 15 meeting of the World Bank Board of Directors in Washington D.C. The 30 Million Dollars Work Bank Grant is expected to provide about 22.5 Million for emergency road and bridge repair work along the Monrovia-Ganta and Monrovia-Buchanan corridors, $3.5 Million assistance to the Liberia Water and Sewer Corporation to assist with the restoration of Water to Monrovia and about 2.5 Million dollars to provide fuel for the emergency electrical power program for Monrovia.

The release concluded that discussions are currently ongoing and nearing completion with the World Bank for another grant of $8.5 Million dollars to provide emergency assistance for the Freeport of Monrovia and the Roberts International Airport.